FBLA Agribusiness Flashcards _ Quizlet

Business Cycle

The repeated rise and fall of economic activity over time.

Business Plan

A written description of a new business venture that describes all aspects of the proposed agribusiness.

Capital

Goods used to produce other goods and services; the investment that the owner has put into the business.

Collaterals

Something of value deposited with a lender as a pledge to secure repayment of a loan.

Entrepreneur

A person who accepts all risks pertaining to forming and operating a small business.

Financial Institutions

Any business that lends money.

Free Enterprise

An economic system that allows individuals to organize and conduct business with a minimum of government control.

Investors

One who provides money to others, usually a business, for later income or profit.

Niche

Place or position in the community suitable for a person or thing.

Rapport

A harmonious or sympathetic relationship.

Agribusiness Input Sector

All resources that go into production agriculture to produce farm commodities.

Distillation

The process of separating the components of a mixture by differences in boiling point.

E-85

Fuel blend that is 85 percent ethanol and 15 percent gasoline.

Ecologist

One concerned with the interrelationship of organisms and their environment.

Economist

A specialist in economics, which deals with the production, distribution, and consumption of goods and services.

Exports

Shipments of commodities or products to foreign countries.

Fermentation

The process of food by means of yeast, molds, or bacteria.

Gross Domestic Product (GDP)

Measures the value of goods and services that a country produces in a year.

Humus

Organic matter in the soil that has reached an advanced stage of decomposition.

Imports

Shipments of commodities and products from foreign countries for sale, use, or donation.

Production Efficiency

Receiving optimum output from a reasonable input.

Value-Added

Condition of having had an operation performed that increases worth and price.

Agricultural Economics

An applied social science dealing with how humans use technical knowledge and resources to produce food and fiber.

Profit

The difference between income and expenditures; net income.

Liquidity

The ability of a business to meet financial obligations without disrupting normal operations.

Net Worth

Net ownership of an individual or business; owner's equity.

Sole Proprietorship

A form of business where the owner is actually the business.

Limited Liability Company (LLC)

Combines favorable attributes of both partnerships and corporations, protecting owners from personal liability.

Cooperative

A business entity that distributes its income to its members based on their usage.

Hedging

To offset risk in the market by using forward or futures markets.