Agribusiness

Products

Goods produces to meet the needs of consumers

Wants

Things that are not necessary in our life

Economics

Production, distribution, and consumption of wealth

Services

Activities provided to consumers for a fee

Needs

Things that are necessary in our life

Scarcity

Where resources are lacking

Import

A product brought from another country

Input

Resources used in production

Output

Production in process

Agribusiness

A business that sells or provides services to agribusiness

Export

A product shipped outside of the United States

Value Added

Products improved

Mission Statement

Goals and objectives of a business

Partnership

A business owned by more than one person

Limited Liability

Stockholders not responsible for corporation debts

Staffing

Recruitment, selection, and training of personnel

Capitalism

Almost all of the production and distribution facilities are privately owned and operated for a profit

Organizing

Combining people and resources to make a business plan

Equilibrium

Supply and demand curves shift

Complementary Enterprise

Two enterprises independent, but one provides income to the other

Supplementary Enterprise

One enterprise inputs for another

Capital

Items that are ready to be used

Competitive Enterprise

One enterprises interferes with another

Law of Supply

Priced lowered, less product is supplied

Law of Demand

Priced lowered and more of the product is bought

Marginal Cost

Additional cost of each unit of input

Organization

A group of people working to accomplish goals

Marketing

Distribution, pricing, and advertising of goods and services

Organizational Chart

Responsibility and channels of communication within a business

Finance

Management of all fiscal transactions within a business

Resource

An item used to produce a product or service