Exam 1 Study Guide

Exam 1 Study Guide - Study Outline for Exam I AGEC 1003 1....

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Study Outline for Exam I AGEC 1003 1. THE GLOBABLAGRIFOOD SYSTEM a. The scope and size of the agri-food system i. Variety of firms in agribusiness sector: producers, shippers, processors, wholesalers, retailers, etc. 1. Input sector-Farm supply: Feed-major players; Seed, Fertilizer & Chemicals-major players; Petroleum-major players; Farm Machinery & Equipment-major players 2. Farm production-Farming,: changes in this sector affect input & output sectors a. Greenhouse b. Nursery c. Crop d. Livestock e. Aquaculture 3. Commodity Processors a. Food processing 4. Food Manufacturers 5. Food Retailers a. Grocery Stores b. Restaurants b. Changing Perception of Food i. Increased Farm Productivity ii. Increase in the number of people feed per farmer iii. Declining amount of income spent on food iv. Why people buy food 1. The food Hierarchy Triangle c. Concepts and definitions of agribusiness system-agrifood system d. The evolution of the Agribusiness-Agrifood system (The Input Sector, The Production Sector, The Commodity Processing and Manufacturing Sector) e. The Input Sector i. Scientific advancement ii. More than doubling of agriculture productivity since 1950 iii. Dramatic decline in labor use f. The Production Sector (now relative to 1950) i. Number of farms has shrunk by 2/3 since 1950 ii. Average Farm Size has doubled iii. Net Income has decline as a percent of farm receipts from 41% to 19% iv. 2% of the farms account for more than 50% of sales g. The Shifting Role of Exports and Imports i. Net Exporter of all Agricultural Goods ii. Net Importer of Processed Foods 1. High Labor in the US
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h. Agriculture and the Environment i. Soil Erosion ii. Land Use i. The Commodity Processing and Food Manufacturing i. Provide consumers food in the time, place, and form they desire ii. Labor accounts for nearly 40% of the food dollar iii. Farmers only get 19.5% of the food dollar iv. Food retailing 1. Split evenly between eating in and out j. Overview of Agribusiness i. What is agribusiness? 1. Specifics of the farm production management, farm supply (production of feed, seed, fertilizers, chemicals, etc.) management, and output sector (food processing, distribution-wholesalers, retailers, rastaurants, etc.) management 2. Retailers, Restaurants)-major players 3. Greenhouse, Nursery, Aquaculture-major players 2. THE AGRIBUSINESS MANAGER a. The development of the agribusiness management profession i. The Practice of Management 1. Tools of agribusiness managers a. financial analysis b. budgeting c. break-even analysis d. feasibility studies e. market/economic f. forecasting, g. business/marketing plan h. basic economic concepts, demand, supply, elasticity ii. Agribusiness management challenge 1. The factors that necessitate increased emphasis on studying agribusiness management iii. Agribusiness management as a dynamic and continuous process 1. Trends in agribusiness affect management philosophy and decision making 2. Not only are agribusinesses influenced by the macro (government
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This note was uploaded on 11/03/2009 for the course AGEC 1003 taught by Professor Detre during the Fall '09 term at LSU.

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Exam 1 Study Guide - Study Outline for Exam I AGEC 1003 1....

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