AGEC 105 Chapter 1 || with A+ Guaranteed Solutions.
1 view 0 purchase
Course
AGEC 105
Institution
AGEC 105
Agricultural Economics correct answers An applied social science that deals with how producers, consumers, and societies use scarce resources in the production, processing, marketing, and consumption of food and fiber products
Biological Resources correct answers Include livestock, wildlife, and...
AGEC 105 Chapter 1 || with A+ Guaranteed Solutions.
Agricultural Economics correct answers An applied social science that deals with how
producers, consumers, and societies use scarce resources in the production, processing,
marketing, and consumption of food and fiber products
Biological Resources correct answers Include livestock, wildlife, and different genetic varieties
of crops
Capital correct answers Can take on different meanings. For example, the value of owner equity
or net worth represents the amount of capital the owner has invested in the business. This is a
financial concept. Can also refer to physical assets.
Capitalism correct answers A free market economic system in which individuals own resources
and have the right to employ their time and resources however they choose, with minimal legal
constraints from government
Communism correct answers A type of economic system and social order structured upon
common ownership and distribution of the production of goods and services based on need. This
economic system is in contrast to capitalism and socialism
Economics correct answers A socail science that studies how consumers, producers, and
societies choose among the alternative uses of scarce resources in the process of producing,
exchanging, and consuming goods and services
Fallacy of Compostion correct answers Economic reasoning that is true for one individual but
not for society as a whole
Food and Fiber System correct answers An economic system consisting of business entities that
are involved in one way or another with the supply of food and fiber products to consumers
Human Resources correct answers The services provided by laborers and management to the
production of goods and services
Macroeconomics correct answers Branch of economics that focuses on the broad aggregates such
as the growth of gross domestic product, the money supply, the stability of prices, and the level
of employment
Management correct answers Another form of human resources which provides entreperneurial
services
Manufactured Resources correct answers Resources such as plows, tractors, tools, buildings, and
other improvements to land that are manufactured by human beings; often referred to as capital
Microeconomics correct answers Branch of economics that focuses on the economic actions of
individuals or specific groups of individuals
, Mixed Economic System correct answers An economic system in which markets are not entirely
free to determine price in some markets but are in others. Government controls in selected
markets and welfare programs are indicative of a mixed economic system
Natural Resources correct answers Resources such as land and mineral deposits, which are
available without additional effort on the part of the owners
Normative Economics correct answers A branch of economics that focuses on determining what-
should-be issues and questions. Unlike positive economics, it assigns specific values with
specific goals or objectives
Opportunity Cost correct answers The cost of producing a good as measured by the amount of a
second good that must be forgone to release just enough resources to produce one additional unit
of the first good
Positive Economics correct answers A branch of economics that focuses on what-is and what-
would-happen-if questions and issues; does not involve value judgments or policy prescriptions
to reach a particular objective
Scarce Resources correct answers Can be decomposed into natural and biological resources,
human resources, and manufactored resources
Scarcity correct answers Refers to the fixed quantity of resources that are available to meet
society's needs
Socialiam correct answers An economic system in which resources are generally collectively
owned and government decides through central planning how huma and nonhuman resources are
to be utilized in different sectors of the economy; prices are largely set by the government and
administered to consumers and producers
Specialization correct answers The separation of productive activities between persons or
geographical areas in such a manner that none of these persons or regions is completely self-
sufficient
Land, labor and capital are examples of what three types of scarce resources? correct answers 1.
Natural resources
2. Human resources
3. Manufactured resources
An agribusiness firm may undertake three alternatives:
Alternative 1: buy cane sugar and sweets and make a profit of $10 million;
Alternative 2: buy wheat and produce breadrolls and pastries, making a profit of $15 million; or
Alternative 3: buy corn and produce Tex-Mex foods, making a profit of $12 million
Which alternative should this agibusiness firm undertake? Why?
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller FullyFocus. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.19. You're not tied to anything after your purchase.
