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FN 3355 > Business I > Flashcards

Business I Flashcards

1
Q

What is the main objective of agricultural businesses?

A

To provide the right products, in the right quantity and quality, to the right location, at the right time, and at a reasonable price.
-but also need to earn a profit to assure their continuity

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2
Q

What pressure will an unsuccessful business owner face?

A

Pressured to change their practices, or it will fail

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3
Q

What does business maximize?

A

Profit for owners

Responsible proactive for people and the planet

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4
Q

What is an entrepreneur?

A

who recognizes a customer’s need or want, launches a business to offer a new product or service
-decides business ownership

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5
Q

What does ownership affect?

A

The ownership type will affect their operations and income.

Affects the amount of taxes a business must pay

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6
Q

What are the 4 kinds of ownership you can have?

A

Sole proprietorship
Corporation
Partnership
Co-operative

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7
Q

What is a sole proprietorship?

A

One person who owns and operates the business, keeping all profits and being responsible for all debts.

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8
Q

What are the pros and cons of sole proprietorship?

A

Benefit:

  • making decisions
  • keeping all the profits

Con:
-solely responsible for all debts of the business

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9
Q

What is a corporation?

A

A corporation sells shares that represent a component of the business, therefore, the corporation is owned by a group of people known as shareholders.
-Assets of the shareholders often protect debts of new corporations.

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10
Q

What are the pros and cons of a corporation

A

Pro:
-the shareholders are not personally responsible (adds security)
-

Con:

  • the shareholders of an unsuccessful company can lose their investment
  • high cost of administration
  • disagreement between shareholders and the directo
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11
Q

What is a partnership?

A

A business created by two or more people who are responsible for management decisions, use their own financial resources, and keep all profits

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12
Q

What are the pros and cons of a partnership?

A

Pro:
-They make management decisions together.

Con:

  • Startup is funded by the financial resources of both partners and profits are distributed to both partners
  • the partners are both responsible for all debts of the business
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13
Q

What is a cooperative?

A

Owned and operated by its member producers who have joined together to pool their resources.

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14
Q

What are the pros and cons of a cooperative?

A

Pro:

  • more businesses have access to the tools they need to supply to the market
  • heir collective needs are met by sharing the machinery and expertise they need to clean, sell and store
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15
Q

What is the food supply chain?

A

an umbrella term that covers all the businesses involved in making food available to customers

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16
Q

What is the food supply chain divided into?

A

4 economic sectors which are levels of business activity

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17
Q

What is the purpose of the 4 sectors?

A

Ensure a reliable supply of food that has been produced responsibly
-make food available to people so they are healthy

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18
Q

What is the primary sector?

A

Producing and sourcing raw materials

Suppliers of fertilizer and crop protection chemicals. Agricultural production of plants and animals.

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19
Q

What is the secondary sector?

A

Manufacturing a raw material into a finished product.

Processors like bakeries, juicers, and frozen food manufacturers.

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20
Q

What is the tertiary sector?

A

Supplying services that enable customers to obtain a finished product.

Businesses like transporters, retailers and restaurants.

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21
Q

What is the quaternary sector?

A

Supplying intellectual activities and services.

Knowledge providers like universities, research and development, and government extension.

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22
Q

What can money do for us?

A

can influence our ability to improve our standard of living and quality of life

23
Q

For a happy and healthy life what do we need access to?

A

we need reliable access to an adequate quantity of nutritious food
-beyond basics, need access to food we enjoy or make our live more simple

24
Q

What is a market company?

A

is a system in which the pricing of goods and services is guided by demand from buyers and supply from sellers

25
Q

What is demand?

A

escribes how many products buyers are willing to purchase for a given price

26
Q

What is Supply?

A

describes how many products producers are willing to offer for a given price

27
Q

What happens when all other factors stay the same, and there is an increase in demand but not supply?

A

This will raise the market price of the product.

28
Q

What happens where there is an increase un supply without an increase in demand?

A

This will reduce the market price

29
Q

What do producers do that supply similar products?

A

They compete to satisfy the demands of their customers

30
Q

What does competition result in?

A

Innovation

31
Q

How do suppliers attract customers in the same market?

A

Make product unique
Sell it for less to increase profit (no name)
Sell it for more to increase profit (premium)

32
Q

What is marketing?

A

a business’ approach to give their product an advantage by satisfying customer demands.

33
Q

What does competition result in?

A

Limited opportunity for a business to earn a profit, because customers can choose any similar product on the market

34
Q

What makes a product valuable to a customer?

A

If it addresses social, health, economic, cultural and environmental factors

35
Q

What does marketing try and understand to do?

A

seeks to attract demand by understanding the desires of the target customers and meeting their needs better than competitors.

36
Q

How do people chose what kind of advertising/marketing?

A

Depends on:
the price,
audience demographic, ability to attract customers.

37
Q

What is relationship management ?

A

try to improve their customer relationship so they can attract new customers and retain those they already have

38
Q

what are supply management regulations?

A

hese regulations allow national agencies to control the quantity of dairy, eggs and meat chickens they supply to the market

39
Q

Why do people want to manage the supply?

A

to prevent surpluses and shortages that cause unstable prices

40
Q

What are farmers required to own?

A

permits or quota

-to sell their products to the market

41
Q

Who controls production in a regulated supply management world?

A

A national agency was introduced to each agricultural sector to control production.
They estimate national demand and determine the target volume of production. Prices are kept stable for consumers by fining farmers for overproduction or underproduction.

42
Q

What are the benefits of a regulated supply management ?

A
  • Farmers are assured a price for their product that considers the cost of production. Can make money
  • Stable prices are a benefit of supply management too
  • limits imports by imposing extra fees on incoming products, so imports do not overshadow the Canadian products
43
Q

What are the challenges of a regulated supply management?

A

-Canadian consumers pay higher prices for supply-managed products compared with the same products without supply management
-limitations on imports can exclude Canada from certain trade agreements that offer growth opportunities in domestic and international markets
-

44
Q

How is supply measured in agriculture?

A

Productivity

45
Q

What is productivity?

A

It is the output of products for every unit of input

-can vary depending on economic, social and environmental factors

46
Q

What are the 3 things that affect economic factors towards productivity?

A

Capital assets
- The goods that businesses need to produce a product (equipment, land)
Tech assets
-he goods that arise from innovation, newly acquired knowledge, and management skills that change the production process
Financial Asset
- A pool of funds used to purchase capital and technological assets.

47
Q

What are the 2 social aspects that affect productivity?

A

Law
-Determines the tax code and regulatory environment for a business
-abide by regulations that exist to protect individuals or the environment.
Education and research
- Improve productivity because they improve people’s knowledge, allowing them to adopt existing technology or develop new technology, thereby using inputs more efficiently

48
Q

What are the 2 environmental aspects that affect productivity?

A

Availability of natural resources

  • Natural resources critical to production
  • Degradation of natural resources threatens the ecosystem and a business’ long-term viability

Severity of climate conditions

  • more frequent events of extreme temperature and precipitation
  • hese stresses are destructive to farm systems and supply chains.
49
Q

What are the benefits of international trade?

A
  • business can produce food where it grows best and then distribute it to where it is needed (easier production=cheaper product)
  • product is imported, both countries benefit because the importer gets a good price and the exporter makes sales beyond their domestic market
  • Living standards tend to increase when economic opportunities are available
  • may not be grown locally
50
Q

What are trade barriers?

A

When governments want to reduce competition from international business

These trade barriers are usually in the form of an extra cost on importing the product

51
Q

What are the challenges of international trade?

A
  • The local producer loses sales to international producers
  • the cost of production often does not include the consequences of low standards for environmental protection and social well-being
52
Q

What are the benefits for trade in Canada?

A
  • 5th largest exporter
  • benefits from the opportunity to sell more food than what could be sold domestically
  • supports jobs
53
Q

What are the challenges for trade in canada?

A

-Other countries might apply costs to Canadian goods
-countries have difficulty agreeing on the agricultural products that will trade
-

54
Q

What are some carriers in ag related to business?

A

Business accountant
Marketing specialist
PR

FN 3355 (14 decks)

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