final

Question 1

supply curve

Answer 1

tells how much will be supplied

Question 2

elasticity of demand for food products in ag?

Answer 2

inelastic

Question 3

opportunity cost

Answer 3

forgone opportunities that have to be sacrificed by doing something rather than something else
- what are you giving up by making these choices?

Question 4

specialization

Answer 4

focusing resources on a specific task. ie producers chasing to buy feed or grow their own.

Question 5

economics - consumers

Answer 5

want to maximize satisfaction
choices- how they allocate time, what they purchase
constraints- time

Question 6

economics- producer

Answer 6

want ti maximize profit
choices- what and how they produce
constraints- economy, pandemic

Question 7

economics- government

Answer 7

to get re- elected and maximize well being
choices- programs to implement
constraints - economy.

Question 8

microeconomics

Answer 8

focused on individuals or groups

Question 9

macroeconomics

Answer 9

focuses on broad aggregates, money supply, bank and inflation rate

Question 10

positive economics

Answer 10

facts, testable

Question 11

negative economics

Answer 11

ought to be opinionated

Question 12

capitalism

Answer 12

• free market, individuals own resources, closed market

Question 13

socialism

Answer 13

centrally planned, resources owned collectively, mostly government

Question 14

types of value created through supply chain

Answer 14

time, form, place.

Question 15

role of markets in adding value in supply chain

Answer 15

• exchange functions (forming prices)
• physical functions (store and transport goods)
• enabling functions (standardizes)
• market info (process +/-)
• risk bearing (transfer from themselves to someone who can assess them)

Question 16

food dollar

Answer 16

goes down with more processing. large % for egg farmers, small for cash crop. little value added, higher farmer share

Question 17

how farmer share correlates to the country

Answer 17

lower the share, better off country, spending less on food allows to spend more on other resources.

Question 18

firm

Answer 18

a business organization that combines or transforms resources into goods or services for sale to make a profit

Question 19

sole proprietorship

Answer 19

one individual owns it all, used to be dominant in ag

Question 20

partnership

Answer 20

2 or more people own

Question 21

corporation

Answer 21

owned by shareholders, means owners have limited liability, allows aid in transfer from one gen to the next

Question 22

cooperative

Answer 22

shareholders w a say in the operation

Question 23

production function

Answer 23

firms use technology/production processes to transform resources into goods and services. purely technical relationship

Question 24

production function inputs

Answer 24

Capital - K, labour - L, materials - M

Question 25

production function outputs (Q)

Answer 25

service or physical product

Question 26

short run

Answer 26

can not change at least 1 input

Question 27

fixed input

Answer 27

can not be changed in the short run

Question 28

variable input

Answer 28

can be changed readily by the firm

Question 29

long run

Answer 29

period for your business so all inputs are varied

Question 30

technological revolutions in ag

Answer 30

mechanical - animals replaced by machines
green - intensification of inputs
biotech - GMOs
data - precision ag

Question 31

isoquant

Answer 31

curve representing input combos that produce same output

going NW has higher output, SW has less output

Question 32

3 stages of production

Answer 32

1. • marginal product >avg product
     - avg product is increasing
2. where marginal product =0
3. marginal product is -‘ve, more input lowers output

Question 33

Thomas malthus

Answer 33

predicted starvation and wars over food bc of increase in population

Question 34

norman borlaug

Answer 34

big in green revolution, increased yield by cross breeding to reduce disease and increase yield

Question 35

Paul ehrlich vs Julian simon

Answer 35

Paul was doomsdayer, Julian doomslayer, bet that price of metals would increase over time with demand but they did not, good I think?

Question 36

efficiency

Answer 36

static concept, who well are you doing, comparing on another

Question 37

productivity growth

Answer 37

how things change for firms over timw

Question 38

ted Shultz

Answer 38

agricultural economist who won the Nobel prize for economics

Question 39

what increases supply?

Answer 39

increasing area, increasing input, use better varieties

Question 40

breakeven price

Answer 40

when revenue = cost

Question 41

why examine costs

Answer 41

determine how to produce a certain amount of output efficiently

Question 42

technically efficient

Answer 42

on the front of the production or export

Question 43

economically efficieny

Answer 43

minimizing the cost of producing the given level of output

Question 44

explicit costs

Answer 44

direct out of pocket payments for inputs that firms use in production

Question 45

implicit costs

Answer 45

dont exactly have a price associated with them. ie time

Question 46

sunk costs

Answer 46

can not be recovered

Question 47

minimizing cost to produce

Answer 47

needs info on technology and input costs/ budget

Question 48

isocost line

Answer 48

combo of inputs that require the same expenditure

budget increases, line moves out. vice versa