Agribusiness Unit 1

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Agribusiness

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The exchange of goods and services in the agriculture, food, and natural resource system.

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Asset

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Physical or financial property that has value and is owned by a business or individual.

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Business

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A person, partnership, or corporation engaged in commerce, manufacturing, or a service; profit-seeking enterprise or concern.

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Business structure

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Arrange how owners share assets, income, debts, and liabilities across owners.

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Capital

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Wealth in the form of money or other assets owned by a person or organization or available or contributed for a particular purpose such as starting a company or investing.

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Consumer

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A person or organization that uses a commodity or service. The final step of the value chain.

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Cooperative

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Business organization in which profits are distributed as patronage refunds and all members have a single vote.

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Corporation

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A business organization in which the owners have shares in a separate legal entity that itself can own assets and borrow money.

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Debt

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Something that is owed or that one is bound to pay or perform for another.

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E-accounting

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Online and electronic business accounting similar to paper-based systems of accounting.