Review for Exam 1

Review for Exam 1 - Kelsey Manning's Review ANS 226 EXAM...

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Kelsey Manning’s Review! A N S 226: E XAM R EVIEW O UTLINE (S PRING , 2008) While this covers the material we reviewed in class sessions, you would want to review the key sheets from assignments, any reading assignments, and quizzes in addition to the lecture materials. The headings highlighted in red are expected to be covered on your first exam, and those left in black will be covered on the second exam. However, announcements made in class supersede this statement, so be sure to stay informed with changes announced. Industry Overview 1. Use characteristics of the US industry to define its significance. For example, How does the industry compare with other meat industries in volume in sales (need not memorize any specific values here, just comparative terminology. How significant is the beef industry to the US economy? Sales of beef stay about the same – chicken has passed beef in sales Beef is 1/3 of all meet sold, and ½ of all red meat Makes up 17% of GNP Consumers want: consistency, nutritional value, and quality 2. What factors favor (and do not favor) beef production enterprises in the US (i.e. land use, reproductive rate, labor intensity, facilities, etc.) compared to other livestock enterprises? Do not favor o Consideral investment o Non=liquid investment o Trained management required o Over reactive industry to economic pressure, o Low prolificacy rate o Feed inefficient. Favor o Utilize non-arable land, low quality roughage o Less labor demands than some o Low facility investment needed o Environmentally fiendly, nutrient recyclers 3. What are the comparative trends in consumption of beef compared to other meat sources? Is there room for more demand (why or why not)? Do US consumers rely on beef in their diets (why or why not)? Beef makes up 1/3 of all meat sales, and ½ of all red meat Consumers want beef no matter the prices or the advantages to other meat – just need to find ways to improve consistency, nutritional value, and quality There is more demand for beef – they just need to work on consistency 4. How significant is the import and export of beef in the US? What are the trends in export volume and what might this imply about the viability and future of the beef industry? Who are our major export markets? Who are major suppliers of imported beef? Why do we import beef? What effect have recent events had on our international and domestic markets? Beef has highest value of US meat exports 92% of exports – Japan, South Korea, Mexico, Canada Import beef from – Australia, Canada, New Zealand, Argentina – we import beef for the cheaper meat - hamburgers BSE scare in 2003 put a HUGE dent in exports 5. Is beef production profitable? How would you describe the profit situation in the past 5 years? Is Production profitable – not as great because of corn prices being so high – cuts into our profit margin
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This test prep was uploaded on 04/06/2008 for the course ANSCI 226 taught by Professor Skaar during the Spring '08 term at Iowa State.

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Review for Exam 1 - Kelsey Manning's Review ANS 226 EXAM...

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