TAMU AGEC 325 Exam 1 Questions
With 100% Verified Answers
Ways in which agriculture has changed over time -
correct answer ✅-Technology will continue to provide new inputs
-More specialized products will be possible
-Competition with nonagricultural businesses for use of land, labor
and capital resources will likely increase
Four general strategies for farm business management -
correct answer ✅1. Low Volume - High Value
2. High Volume - Low Margin
3. Part-time farmers and ranchers
4. Specialty product and service providers
Low Volume - High Value -
correct answer ✅-Land, labor, & capital may be constraining
-Marketing is critical
High Volume - Low Margin -
correct answer ✅-"Commodities"
-Must monitor prices carefully
,TAMU AGEC 325 Exam 1 Questions
With 100% Verified Answers
Part-time farmers and ranchers -
correct answer ✅-Rely on off-farm income to supplement farm
income
-Might enjoy the lifestyle but don't want a career
-Some start farming part-time with plans to go to full-time
Specially product and service providers -
correct answer ✅-Become really good at one or two things
(custom harvesting, hauling and applying manure)
-Usually must maximize use of expensive equipment/machinery
-Marketing is critical
Five driving forces behind changes in agriculture -
correct answer ✅-Technology
-Greater off-farm employment opportunities
-Farmer's desire for higher income
-Consumer preferences
-Globalization (Opportunity & Threat)
Technology force behind change -
correct answer ✅-Substitute for labor
, TAMU AGEC 325 Exam 1 Questions
With 100% Verified Answers
-Biotechnology has improved crop production efficiency
-Genetics and nutrition have improved livestock production
-Data collection and management
Greater off-farm employment opportunities force behind change -
correct answer ✅-Farm managers
-Next generation of would-be farm managers
Farmer's desire for higher income force behind change -
correct answer ✅-Leads some to leave farm
-Leads others to grow the business
Consumer preferences force behind change -
correct answer ✅-Desire more specialized and processed foods
-Buyers implement stricter product standards
-Environmental & Health Concerns
Globalization force behind change -
correct answer ✅-Larger markets for producers
-Trade can help those who specialize
With 100% Verified Answers
Ways in which agriculture has changed over time -
correct answer ✅-Technology will continue to provide new inputs
-More specialized products will be possible
-Competition with nonagricultural businesses for use of land, labor
and capital resources will likely increase
Four general strategies for farm business management -
correct answer ✅1. Low Volume - High Value
2. High Volume - Low Margin
3. Part-time farmers and ranchers
4. Specialty product and service providers
Low Volume - High Value -
correct answer ✅-Land, labor, & capital may be constraining
-Marketing is critical
High Volume - Low Margin -
correct answer ✅-"Commodities"
-Must monitor prices carefully
,TAMU AGEC 325 Exam 1 Questions
With 100% Verified Answers
Part-time farmers and ranchers -
correct answer ✅-Rely on off-farm income to supplement farm
income
-Might enjoy the lifestyle but don't want a career
-Some start farming part-time with plans to go to full-time
Specially product and service providers -
correct answer ✅-Become really good at one or two things
(custom harvesting, hauling and applying manure)
-Usually must maximize use of expensive equipment/machinery
-Marketing is critical
Five driving forces behind changes in agriculture -
correct answer ✅-Technology
-Greater off-farm employment opportunities
-Farmer's desire for higher income
-Consumer preferences
-Globalization (Opportunity & Threat)
Technology force behind change -
correct answer ✅-Substitute for labor
, TAMU AGEC 325 Exam 1 Questions
With 100% Verified Answers
-Biotechnology has improved crop production efficiency
-Genetics and nutrition have improved livestock production
-Data collection and management
Greater off-farm employment opportunities force behind change -
correct answer ✅-Farm managers
-Next generation of would-be farm managers
Farmer's desire for higher income force behind change -
correct answer ✅-Leads some to leave farm
-Leads others to grow the business
Consumer preferences force behind change -
correct answer ✅-Desire more specialized and processed foods
-Buyers implement stricter product standards
-Environmental & Health Concerns
Globalization force behind change -
correct answer ✅-Larger markets for producers
-Trade can help those who specialize
