Term
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Definition
| Campbell’s, Heinz, Kellogg’s, and Quaker Oats are examples of what type of firm in the Global Agri-Food System? |
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Term
| Living Well & Status and Causes |
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Definition
| When U.S. agribusiness firms examine the Hierarchy of Reasons of why people buy food, they need to pay closer attention to which two areas if they wish to be successful in the future? |
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Term
| Structure Conduct Performance |
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Definition
| What model is used by the U.S. Department of Justice and the Federal Trade Commission to monitor the efficiency and fairness of our economic system? |
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Term
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Definition
| Which of the nine marketing functions overcomes the time barrier to consumer satisfaction? |
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Term
| The firm’s purpose and the firm’s objective |
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Definition
| The marketing plan must contain what two items? |
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Term
| Determining Alternative Courses of Action |
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Definition
| Which of the six steps in the decision-making process requires the agribusiness manager to list all possible activities from do nothing to a complete overhaul of the situation? |
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Term
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Definition
Dr. Detre enjoys shrimp-n-grits. The price last year at his favorite restaurant in Baton Rouge was $8, and Dr. Detre bought a pound to bring home after school. This year, the
price had declined to the $6 per pound and he bought two pounds to bring home.
a. What is Dr. Detre's elasticity of demand for shrimp-n-grits? |
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Term
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Definition
Dr. Detre enjoys shrimp-n-grits. The price last year at his favorite restaurant in Baton Rouge was $8, and Dr. Detre bought a pound to bring home after school. This year, the price had declined to the $6 per pound and he bought two pounds to bring home.
b. Is Dr. Detre's elasticity of demand for shrimp-n-grits elastic, inelastic, or unitary elastic? |
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Term
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Definition
Dr. Detre enjoys shrimp-n-grits. The price last year at his favorite restaurant in Baton Rouge was $8, and Dr. Detre bought a pound to bring home after school. This year, the price had declined to the $6 per pound and he bought two pounds to bring home.
c. Therefore, as Dr. Detre's income increases, he buys more shrimp-n-grits. Thus for Dr. Detre are shrimp-n-grits a normal or inferior good? |
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Term
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Definition
| Dr. Detre does not like pimentos with his shrimp-n-grits, but his daughter does. Actually, the only time she eats pimentos is with her shrimp-grits. For his daughter, shrimp-n-grits and pimentos are said to be |
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Term
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Definition
| When the price of shrimp-n-grits rises, Dr. Detre’s daughter purchases fewer pimentos. What sign does the cross-price elasticity between shrimp-n-grits and pimentos have? |
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Term
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Definition
| Suppose Dr. Detre's daughter’s cross-price elasticity between shrimp-n-grits and pimentos is -1.2. For a 1% increase in the price of shrimp-n-grits, Dr. Detre's daughter’s quantity consumed of pimentos will (increase or decrease) by what percent |
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Term
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Definition
Suppose your boss has asked you to formulate budgets for the upcoming year. In particular, he notes that he
expects sales to increase by 5 percent. What budget would this increase in sales appear on? |
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Term
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Definition
Borrowed funds from a lending institution (i.e. a bank) would show ups as a cash inflow or a cash outflow on the
cash flow statement? |
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Term
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Definition
| What budget would an agribusiness use to determine when they would likely need to borrow money? |
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Term
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Definition
| On the operating budget, what type of expense is rent? |
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Term
| Income-reducing Investments |
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Definition
Capital expenditures include all but which of the following: maintenance and replacement of existing plant,
property, and equipment (PP&E); PP&E expansion; cost-reducing investments; income-reducing investments; or
health and safety items? |
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