Unit 1 - AgBusiness & Economic Systems

An organization owned and managed by one person is a

• LLC
• Corporation
• Sole Proprietorship
• S-Corp

Supplies like feed, seed, and fertilizer are all part of the

• Input Sector
• Marketing Sector
• Production Sector
• Demand Sector

What influences supply and demand?

• Consumer income
• Government
• Availability of materials
• All of the above

Which of the below is NOT an economic concept?

• Scarcity
• Incentives
• Supply and Demand
• Output

What is agribusiness?

• Plant and animal production
• A made up term
• Input marketing
• Land cultivation

Which economy is dictated by supply and demand and the buyers and sellers?

• Command
• Socialism
• Market
• Mixed

What are the 3 economic questions?

• What to produce?
• How to produce?
• For whom to produce?
• All of the above

Choose all that apply: What are considered advantages of a traditional economy?

• Economic security
• More sustainable
• Economic freedom
• Economic growth
• Equal distribution of goods and services

An American Economic system with open competition:

• Free Enterprise
• Capitalism
• Mixed Economy
• Competitive

Which choices have limited liability?

• Sole-proprietorship

• LLC

• Corporation

• Partnership