AGEC 340 Exam 1 2022/2023 with 100% correct answers

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List the 8 factors that make the Agribusiness Sector unique 1. Seasonaliy 2. Rural ties 3. Biological nature of business 4. Government Involvement 5. Uncertainty of weather 6. Food as a product 7. Types of firms 8. Variety of market conditions How or why could Agribusinesses and firms outside the agribusiness sectors make different decisions under similar situations? Because firms outside do not face the same restrictions such as seasonality and uncertainty of weather, they may face other factors but dont face these to make decisions. What are the 4 key functions of management in Agribusiness? Marketing Management Financial Management Supply Chain Management Human Resource Management How does our textbook define management in Agribusiness? ... What are the 4 key tasks of Agribusiness Managers? Planning Organizing Directing Controlling What are the 3 types of planning? Strategic - planning for the long and focusing on the future Tactical - planning for the short term and focusing on implementation Circumstantial - Adjusting plans based on unforeseen circumstances What is the ultimate goal of the agribusiness manager? To maximize long run profits while satisfying the customer List the 3 roles of a manager Leader Director Organizer What is a target market? A group of customer's that the product is intended for What is a firm's competitive advantage? A firm's competitive advantage is something special about their product that makes their product more appealing than the competitors How is accounting profit used by an agribusiness manager? To measure the tangible costs and expenses incurred to see if the business is able to make profit What is the equation for Accounting profit? Total Revenue - Actual Costs How does a manager use economic profit? To see if the business will be profitable in the long run, or if there is a better opportunity for profit elsewhere What is the equation for economic profit? Total Rev. - Actual costs - opportunity costs/forgone profit Implicit vs. Explicit costs ... Explain to Bob the goal of the agribusiness manager. TO maximize long term profits while satisfying the customer What are the three E`s of an agribusiness manager? Efficiency, Effectiveness, and Economic Well Being What is the definition of management? The accomplishment of tasks through your people What are the five things that describe the food and fiber production and market system? Quickly changing, relies on weather, uses an array of tech, embraces the world, tied to nature in every way What is marketing focused on? Understanding the needs of a customer and effectively positioning and selling products in the marketplace What is the driver for agribusiness? Profit What is financial management? planning, organizing, directing and controlling the financial activities such as procurement and utilization of funds of the enterprise

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