Review: Unit 1 - Agribusiness Basics

The science of the production, distribution, and consumption of goods and services.

• Economics
• Needs
• Wants
• Agribusiness
• Debt

Things that you must have to live a safe and healthy life.

• Needs
• Economics
• Wants
• Agribusiness
• Debt

Something you would like to have or something that you enjoy.

• Wants
• Economics
• Needs
• Agribusiness
• Debt

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

• Agribusiness
• Economics
• Needs
• Wants
• Debt

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

• Debt
• Economics
• Needs
• Wants
• Agribusiness

The monetary payment received for goods or services or other sources, such as rents or investments.

• Income
• Economics
• Needs
• Wants
• Agribusiness

Financial obligation (debt) that must be paid at some future time.

• Liabilities
• Economics
• Needs
• Wants
• Agribusiness

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

• Assets
• Economics
• Needs
• Wants
• Agribusiness

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

• Cooperative (Co-op)
• Corportation
• Limited Liability Company (LLC)
• Sole Proprietorship
• Partnership

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

• Cooperative (Co-op)
• Corportation
• Limited Liability Company (LLC)
• Sole Proprietorship
• Partnership