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What is Gross National Product (GNP)?

The total value of goods and services produced by a country's residents, including income from abroad.

What is Gross Domestic Product (GDP)?

The total value of goods and services produced within a country's borders.

What is Value-Added Agriculture?

Processing raw agricultural products to increase their economic value.

What is a Supply Chain?

The system involved in producing, processing, and distributing agricultural products.

What is the Multiplier Effect?

Economic impact where one industry supports growth in related industries.

What is an Export Commodity?

Agricultural products sold to foreign markets.

What is Trade Balance?

The difference between a nation's exports and imports.

What is Vertical Integration?

Control of multiple stages of production within one company.

What is a Global Market?

International trade system connecting producers and consumers worldwide.

What is Price Elasticity?

How much demand changes in response to price changes.

How does animal agriculture contribute to U.S. GNP?

Through livestock production, processing, exports, employment, and related industries.

Why is animal agriculture considered a value-added industry?

Raw products are processed into higher-value goods like meat, dairy, and fiber.

How does livestock production support rural economies?

It creates jobs, supports local businesses, and stabilizes farm income.

What role do animal products play in international trade?

They are major U.S. exports that strengthen trade relationships and generate revenue.

Why is animal agriculture economically important beyond farming?

It supports transportation, veterinary services, equipment manufacturing, and retail.

How does technological advancement impact economic productivity in animal science?

It increases efficiency, reduces costs, and improves output.

Why is animal agriculture considered a global industry?

Products are traded internationally and influenced by global supply and demand.

How do disease outbreaks impact the animal agriculture economy?

They reduce production, limit trade, and cause financial losses.

Why are animal products essential in developing economies?

They provide income, nutrition, employment, and trade opportunities.

How does the U.S. livestock industry influence global food security?

It supplies affordable protein to international markets.

What happens to global prices when animal production declines?

Prices rise due to reduced supply.

Why is biosecurity important for global trade?

Disease-free status maintains export access.

What is the most immediate economic effect of a major beef processing plant closing?

Reduced employment and disruption of the supply chain.

What economic outcome is most likely if a country bans U.S. pork imports due to disease concerns?

Decreased export revenue and surplus in domestic markets.

How does adopting automation in feeding systems affect GNP?

Increases efficiency and long-term productivity.

How does global demand for dairy increasing impact U.S. animal agriculture?

Higher production, increased exports, and greater revenue.

What is the effect of sharply rising fuel prices on animal agriculture profitability?

Increased transportation and feed costs reduce profit margins.

What economic consequence follows a drought reducing feed availability nationwide?

Higher feed prices and reduced livestock production.

What economic impact occurs when consumers shift toward plant-based alternatives?

Reduced demand may lower animal product prices.

Why does animal agriculture have a strong multiplier effect?

It supports many connected industries beyond direct production.

How does vertical integration affect global competitiveness?

It lowers costs and increases consistency of products.

Why is animal agriculture less price elastic than luxury goods?

Food is a basic necessity with stable demand.

How does export diversification protect the animal agriculture economy?

It reduces dependence on a single market.

Why does increased productivity sometimes lower market prices?

Higher supply reduces price if demand stays constant.

How does animal science impact U.S. GNP and global trade?

It contributes through production, processing, exports, employment, and international food supply.

What are the long-term economic benefits of investing in animal health research?

Healthier animals improve productivity and reduce losses.

How does consumer confidence affect animal agriculture markets?

Higher confidence increases demand and production levels.