Ag Business

Match the following ag business vocabulary terms.

• Income

• the desire, willingness and ability of consumers to pay a certain price for a product or service at a given period.

• Supply

• the action of spending funds.

• Expense

• the cost required for something; the money spent on something.

• Demand

• the total amount of a given product or service a supplier offers to consumers at a given period and a given price level

• Expenditure

• money received, especially on a regular basis, for work or through investments.

Match the following terms to their definitions.

• Capital

• an entry recording an amount owed, listed on the left-hand side or column of an account.

• Debit

• the ability of an individual or organization to obtain goods or services before payment, based on an agreement to pay late

• Assets

• 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.

• Credit

• property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.

Match the following definitions to the correct term.

• Export

• a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so

• Import

• an economic and political system in which a country's trade and industry are controlled by private owners for profit.

• Capitalism

• a commodity, article, or service sold abroad

• Free Enterprise

• an economic system in which private business operates in competition and largely free of state control.

• Entrepreneur

• a commodity, article, or service brought in from abroad for sale

Match the following terms to their definition.

• Credit

• a set of rules or concepts that govern how people satisfy their unlimited wants with their limited resources.

• Economic Opportunity

• providing an equal chance for people to earn a living wage

• Economic Principles

• an entry recording a sum received, listed on the right-hand side or column of an account.

• Human Resources

• the personnel of a business or organization, especially when regarded as a significant asset.

Turkeys for Thanksgiving are raised on poultry farms. If the Bird Flu hits and kills most of the turkeys, ​ (a)   and the ​ (b)   .

• supply goes down
• price goes up
• supply goes up
• demand goes down
• demand goes up
• price goes down

Starbucks decided to start selling pumpkin spice lattes again. Because of this, the ​ (a)   and the ​ (b)   .

• supply goes down
• price goes up
• supply goes up
• demand goes down
• demand goes up
• price goes down

We find a new gas reservoir and decide to drill it. Because of this, the ​ (a)   and the ​ (b)   .

• supply goes down
• price goes up
• supply goes up
• demand goes down
• demand goes up
• price goes down

Tags

NGSS.MS-ESS3-4

We rely on Hawaii to provide pineapples for us to eat. After the wildfire in Maui, Hawaii, the ​ (a)   and the ​ (b)   .

• supply goes down
• price goes up
• supply goes up
• demand goes down
• demand goes up
• price goes down

Tags

NGSS.MS-ESS3-2

A famous athlete says that they like Coca-Cola more than Pepsi. Because of this, Pepsi's ​ (a)   and the ​ (b)   .

• supply goes down
• price goes up
• supply goes up
• demand goes down
• demand goes up
• price goes down

Match the following

• Not sensitive to change in price.

• Elastic

• Can replace one another.

• Law of Demand

• Consumers sensitive to a change in price

• Inelastic

• When prices rise, sellers produce more.

• Substitute

• When prices decrease people buy more.

• Law of Supply