| A | B |
|---|
| As consumers income rises | more convenience, easier, and more variety |
| Role of Agriculure | Plays a huge role the entire economy of our nation |
| One producer today | Feeds 135-150 others |
| % of US Population that produce our food | 1.5% |
| # of Ag Business personelle needed/producer | 16 |
| When a raw product increases in value from field to table | Value Added |
| % of inputs farmers need to buy from Ag Businesses | 70% |
| Largest expense item for producers | Feed |
| Few businesses in the market | Oligopoly |
| Market where animals are processed for food | Terminal Market |
| Most animals are sold today through Sale Barns | Not a true statement |
| The largest of the Ag Business sectors | Product Sector |
| These businesses take title to thier products | Wholesalers |
| The largest category in Agribusiness | food and kindred products |
| Store with 11 stores under one management | Chain |
| Major force in designing products for consumers today | Convenience |
| Factor which is largely responsible for business success | Location |
| Type of business where patrons own the business | Cooperative |
| Products sold from field to product sector is called a | Raw Product |
| Trend in grain prices last several months | Revolving up and down. No major trend |
| Local Coops financial stress caused by... | Margin calls after forward contracts |
| CBT | Chicago Board of Trade |
| Main use of CBT for producers | Marketing strategies |
| Purchase position for market to increase | Bullish |
| Market position for market to decline | Bearish |
| Using the CBT without grain to back your position | Speculator |
| Using the CBT with grain to back your position | Hedger |
| RAFH | Revenue Assurance Fall Harvest |
| APH | Average Production History |
| # of Jobs in Ag Business | Abundant |
| List three Ag Business in Input Sector | Bomgaars, Vet Clinic, Coop |
| 3 Product Sector Businesses | AGP, Restaurants, Kraft, Any food comany |
| GMO | Genitically Modified Organism |
| RR | Round-up Ready |
| Bt | Corn Borer Resistance |
| Rt | Rootworm Resistance |
| Key to success of a business | Location |
| Trend in fertilizer use | Commercially applied by elevators |
| Permit to apply chemicals for individuals | Applicators License |
| Permit to apply chemicals by firms | Commercial Applicator License |
| Anticpate price increase | Bullish |
| Anticipate price decline | Bearish |
| T/F Ag has major impact on the entire economy | True. Major impact, jobs, inflow of $ |
| 3 Sectors in Ag Business | Input, Farm, Product |
| Major skills used in Ag Bus Employment | Honesty, Work Ethic, Responsibility |
| Who lends $$ in AG Business | Farm Credit, Local Banks |
| Vertical Integration | Business owning all aspects of production (Tyson Foods) |
| What is a GMO? | Genetically Modified Organism |
| How have feed companies changed? | Feeding own pigs/chickens to ensure feed business. |
