AGEC 325 Exam 1 Study Guide 2026 | Complete Review, Practice Questions &
Exam Prep
What forces have caused farms and ranches to become larger? Which of them are likely to
continue? How can smaller businesses compete successfully? - correct answer ✔✔Labor saving
technology, farm and ranch owner want a standard of living like nonfarm families. Thin profit
margins. Small businesses can compete by specializing.
How will quick access to more information help farm managers in the 21st century make better
decisions? - correct answer ✔✔It allows customization of practices to suit individual needs,
cutting costs and improving efficiency.
list two examples of specilty agriculture markets and the changes a conventional producer
might have to make to fill them. - correct answer ✔✔replacement breeding stock and
seedstock, custo harvesting, custom cattle feeding, repairing and refurbishing equipment,
hauling and applying manure, and applying pesticides and fertilizers.
Marketing changes, also interacting with customers and making use of expensive, highly
specialized equipment and facilities.
How do strategic management and tactical management differ? - correct answer ✔✔Strategic
management consists of charting the overall long term course of the business.
Tactical management consists of taking short run action that keep the business moving along
the chosen course until the destination is reached
Deciding whether a field is too wet to till (Strategic or tactical?) - correct answer ✔✔Tactical
Deciding to specialize in beef or dairy production (Strategic or tactical) - correct answer
✔✔Strategic
Exam Prep
What forces have caused farms and ranches to become larger? Which of them are likely to
continue? How can smaller businesses compete successfully? - correct answer ✔✔Labor saving
technology, farm and ranch owner want a standard of living like nonfarm families. Thin profit
margins. Small businesses can compete by specializing.
How will quick access to more information help farm managers in the 21st century make better
decisions? - correct answer ✔✔It allows customization of practices to suit individual needs,
cutting costs and improving efficiency.
list two examples of specilty agriculture markets and the changes a conventional producer
might have to make to fill them. - correct answer ✔✔replacement breeding stock and
seedstock, custo harvesting, custom cattle feeding, repairing and refurbishing equipment,
hauling and applying manure, and applying pesticides and fertilizers.
Marketing changes, also interacting with customers and making use of expensive, highly
specialized equipment and facilities.
How do strategic management and tactical management differ? - correct answer ✔✔Strategic
management consists of charting the overall long term course of the business.
Tactical management consists of taking short run action that keep the business moving along
the chosen course until the destination is reached
Deciding whether a field is too wet to till (Strategic or tactical?) - correct answer ✔✔Tactical
Deciding to specialize in beef or dairy production (Strategic or tactical) - correct answer
✔✔Strategic
