the difference between consumers would be willing to pay for something purchased
the difference between the minimum total amount producers are required to pay for them to voluntary offer for sale a given quantity of goods and what is actually paid for this quantity.
are additional costs that are imposed upon the production of more than one unit
are additional benefits from the production of more than one unit.
an analysis of behavior that compares costs and benefits that are a result of marginal changes
the value of a resource's best alternative use.
the excess of outlays over a certain period of time
the difference between total expense and total revenue over a given time period.
refers to planned expenses over a specific period of time
the actual income or expenditures that have taken place.
anything that is owned by an individual that has a cash value
amounts owned for items received, services rendered, expenses incurred, assets acquired, construction performed, and amounts received by not as yet earned
an accounting term that reflects an assets increase of value.
the reverse of appreciation in that depreciation measures the fall of value in assets over their normal lifetime.
a credit equal to a certain percentage of an investment made in qualified property in a project during its attainment or entitlement periods.
a procedure that analyzes the various activities of a specific business. The analysis is for determining what particular portions of a business are profitable.
a ratio of two numbers of level or flows of a company.
insures cattle producers against price declines for cattle, fed cattle or calves
Livestock Risk Program
meant to help improve and stabilize farm income as well as bringing about a better balance between supply and demand of commodities
Commodity loans and loan deficiency
The U.S. department of Agriculture was established in?
eliminated subsidies, favoring instead fixed payments for farmers-Congress 1996
Freedom to Farm Act
What is owned and what is owed
is a record of what the farm has earned over the past business year.
are often deductible, dependent on the income basis of the item.
may include those associated with the business with a useful life for less than a year.
a commodity is bought and sold at the same time in two separate markets thus capitalizing on the discrepancy in prices is between the two markets.
the commodity being sold at exchange markets because they want a fixed minimum price that they will receive
an agreement between a buyer and seller to take delivery of a certain commodity or other financial item at a particular date and with the terms of payment agreed upon
increasing the value and appeal to the consumer of a particular agricultural product
tools in marketing used to improve the prices, income and market power of prices for an agricultural producers.
a common form of business which is owned and controlled by one person
a voluntary association of two or more people who will operate a business
provides limited liability protection along with flexibility to operate and tax obligation without restriction that are put upon certain corporations and limited liability partnerships.
limited liability company
a private business organization owned and controlled by those who use its services, supplies or products.
people who own and finance the cooperative also use the cooperative.
This is when those who control the cooperative are those who also use it.
They will elect a board of directors, set policies, adopt budgets and distribute benefits from the cooperative to its members.
the sole purpose of the cooperative is to provide and distribute benefits to its users on the base of their use.
formed by businesses in order to obtain services or purchase certain supplies at a lower cost.
provides benefits of ownership and employment opportunities to its members.
between a buyer operating at one stage of the value chain and someone on the other end who is selling it
market-specific production contract
a seller may be directly affected by some attribute that is valuable to the buyer's end, or just the opposite.
According to the Law of Supply and Demand as the Price goes up what goes down or as the prices goes down what goes up?
Today the ratio of agriculture workers to the remaining population is approximately
1 to 9
an economic system in which productive property, though owned by individuals, is used to produce goods that reflect government of state preferences.
The _______ of a country is defined as the market value of all final goods and services produced within that country in a given period of time.
the total supply of goods and services produced by a national economy during a specific time period.
the total demand for goods and services in a national economy during a specific time period.
determines changes in taxes, government, spending on goods and services, and transfer payments that are intended to affect overall (aggregate) demand in the economy.
a written description of a new business venture that describes all aspects of the proposed agribusiness
the difference between the actual amount paid for the loan and the actual amount received from it.
cost of capital
The total earned before deductions
The amount of money left after deductions
a set amount of money due on a set date.
vary in amount and frequency and offer the best opportunities for adjustments in a money plan
The money the owner invests in the business.
the form of liability when money is borrowed is usually a ______, which is a formal written promise to pay a certain amount of money, plus interest, at a definite future time.
the value of what is received from goods sold and services rendered, plus what comes in from other financial sources.
the term used when the cost of foods sold is deducted from sales revenue.
the result when operating expenses are deducted from gross profit.
_____ is determines by subtracting nonoperating costs from operating income.
____ is the difference between total assets and total liabilities.
__________ compares events within the year with what happened in other similar forms.
__________ these are things that do not depreciate (loss value) or are notkept for more than one year.
_______ are those that occur regardless of the use of the machinery.
fixed ownership costs
_________ are those that depend on how much the machinery is used.
refers to the mix of equity and debt capital used by the farm, or the degree to which all debts are secured.
as long as a perfectly competitive market is allowed to operate under no controls or regulation, the price will adjust to the point where quantity demanded equals quantity supplied
if you super impose the demand curve on the supply curve for the same product, the point where they intersect is considered the ______.
point of equilibrium
An __________ is a material or goods used in creating a final product.
_________ measure business cycles and economic activity through a variety of data and statistics.
involves using government spending and taxation to influence the economy.
diseases that do get into the country
a market where actual commodities are bought and sold.
a market where traders buy and sell future contracts.
the taxes that governments charge when products cross national borders.
two or more countries agree to eliminate trade restrictions with each other, but establish common and uniform tariffs for other nonparty countries.
similar to a customs union except that there are no common and uniform tariffs on other countries products.
free trade area
is also a customs union, but it allows free mobility of factors of production.
Will you pass the praxis?