Agriculture Economics questions with verified
answers
Agriculture Economics Ans✔✔-applied social science that deals with how
producers, consumers, and societies use scarce resources in the production,
marketing, and consumption of food and fiber products. In agriculture markets
the forces of supply and demand are at work.
Scarcity Ans✔✔-refers to the infinite quantity of resources that are available to
meet society's needs. Because nature does not freely provide enough of these
resources, only a limited quantity is available.
Three types of scarce resources: Ans✔✔-1. natural and biological resources
2. human resources
3. manufactured resources
Examples of scarce natural and biological resources: Ans✔✔-land and mineral
deposits
Human Resources Ans✔✔-services provided by laborers and management for the
production of goods and services that are also considered scarce.
manufactured resources (capital) Ans✔✔-machines, equipment, and structures.
scarcity Ans✔✔-refers to the fixed quantity of resources that at available to meet
societal needs.
, opportunity cost Ans✔✔-refers to the implicit costs associated with the next best
alternative in a set of choices available to decision makers.
Opportunity Cost Examples: Ans✔✔-The opportunity cost of going to college now
is the income you are currently foregoing by not getting a job now. The
opportunity cost of a consumer taking $1000 out of his or her savings account to
buy cell phone or other assorted technology devices is the interest income this
money would have earned if left in the bank. An agribusiness firm considering the
purchase of a new computer system also must consider the income it could
receive by using the money for another purpose. The bottom line express in
economic terms is whether the economic benefit exceed the cost, including
foregone income.
Most resources are best suited for a particular use: Ans✔✔-For example, the
instructor of this course is better qualified to teach this course than to perform
open heart surgery.
Specialization Ans✔✔-Focusing the use of our resources on a specific task
Economics Ans✔✔-Social science that deals with how consumers, producers, and
societies choose among the alternative uses of scarce resources in the process of
producing, exchanging, and consuming goods and services.
Two major branches of economics: Ans✔✔-Microeconomics and
macroeconomics
Macroeconomics Ans✔✔-Focuses on a broad aggregates, such as the growth of a
nations gross domestic product(GDP), the gaps between the economy's potential
GDP and it's current GDP, and trade-offs between unemployment and inflation.
answers
Agriculture Economics Ans✔✔-applied social science that deals with how
producers, consumers, and societies use scarce resources in the production,
marketing, and consumption of food and fiber products. In agriculture markets
the forces of supply and demand are at work.
Scarcity Ans✔✔-refers to the infinite quantity of resources that are available to
meet society's needs. Because nature does not freely provide enough of these
resources, only a limited quantity is available.
Three types of scarce resources: Ans✔✔-1. natural and biological resources
2. human resources
3. manufactured resources
Examples of scarce natural and biological resources: Ans✔✔-land and mineral
deposits
Human Resources Ans✔✔-services provided by laborers and management for the
production of goods and services that are also considered scarce.
manufactured resources (capital) Ans✔✔-machines, equipment, and structures.
scarcity Ans✔✔-refers to the fixed quantity of resources that at available to meet
societal needs.
, opportunity cost Ans✔✔-refers to the implicit costs associated with the next best
alternative in a set of choices available to decision makers.
Opportunity Cost Examples: Ans✔✔-The opportunity cost of going to college now
is the income you are currently foregoing by not getting a job now. The
opportunity cost of a consumer taking $1000 out of his or her savings account to
buy cell phone or other assorted technology devices is the interest income this
money would have earned if left in the bank. An agribusiness firm considering the
purchase of a new computer system also must consider the income it could
receive by using the money for another purpose. The bottom line express in
economic terms is whether the economic benefit exceed the cost, including
foregone income.
Most resources are best suited for a particular use: Ans✔✔-For example, the
instructor of this course is better qualified to teach this course than to perform
open heart surgery.
Specialization Ans✔✔-Focusing the use of our resources on a specific task
Economics Ans✔✔-Social science that deals with how consumers, producers, and
societies choose among the alternative uses of scarce resources in the process of
producing, exchanging, and consuming goods and services.
Two major branches of economics: Ans✔✔-Microeconomics and
macroeconomics
Macroeconomics Ans✔✔-Focuses on a broad aggregates, such as the growth of a
nations gross domestic product(GDP), the gaps between the economy's potential
GDP and it's current GDP, and trade-offs between unemployment and inflation.
