Agricultural Economics and Marketing Concepts

A comprehensive set of flashcards covering key concepts in agricultural economics and marketing based on provided lecture notes.

Two largest sectors of the livestock industry in NM

Cattle/Calves and Dairy.

Largest cheese producing states in the US

Wisconsin, California, Idaho.

New Mexico's rank in cheese production

4th.

Top two pecan producing states

Georgia and New Mexico.

Marketing bill

The portion of the food expenditures associated with the activities of the firms beyond the farm gate.

Marginal

Refers to change.

Law of Marginal Utility

The marginal utility of a good declines with increases in the consumption of that good.

Single most important fiber in the world

Cotton.

Farm share vs. marketing share

Farm share is the portion of the price received by producers, marketing share involves costs associated with marketing the product.

Microeconomics

Focuses on the actions or behavior of individual agents or groups of agents.

Five commodities NM produces at a national level

Chile, pecans, onions, dairy, beef.

Physical marketing functions

Physical storage, transportation.

Inflation

A general increase in prices and fall in the purchasing value of money.

Deflation

Reduction of the general level of prices.

Nominal value

The economic measure for which no adjustments to inflation (or deflation) have been made.

Resource categories

Land, mineral deposits (coal, natural gas, oil), water (critical scarce resource).

Opportunity cost

The cost of forgoing the next best alternative when making a decision.

Inverse relationship

When price goes up, quantity goes down; and vice versa.

Equation to calculate slope

Rise over Run or y=mx+b.

New Mexico's top 3 cash commodities

Cattle/Calves, Milk, Pecans.