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ACE 100 Vocab
Stack #29357
| Question | Answer |
|---|---|
| Opportunity Cost | An implicit cost of using a resource to produce a given product that is equal to the payment that could be received if the resource were used in the production of another product. |
| Factors of Production | Economic resources whose services can be used in the production of economically useful commodities: natural resources, capital, and human capital. |
| Positive economics | The analysis of facts or data to establish scientific generalizations about economic behavior. |
| Normative economics | That part of economics that pertains to value judgments about what the economy should be like. It is concerned with economic goals and policies. |
| Scarce productive resources | The fixed (limited) quantities of land, capital, labor, and managerial ability that are never sufficient to satisfy the unlimited wants of humans. |
| Prescriptive economics | An analysis of the economic consequences of alternatives or alternative actions or policies, often for the purpose of recommending which alternative is expected to generate the highest net returns or the best benefit-to-cost ratio. |
| Conservation reserve program | A program under which highly erodible land is retired from crop production and planted to grass or trees for a period of ten years. For doing this, the owner receives an annual payment. |
| Acreage quota | The number of acres a farmer may plant to a specified crop. In some cases such as with the tobacco quotas, the farmer may sell the quota separate from the land. |
| Export subsidy | Government payment to exporters based on volume or value of foreign sales. |
| Deficiency payment | Federal government funds paid to farmers when farm prices are below the target price. The payment rate is determined by taking the difference between the target price and an average price received by farmers, or the loan rate (whichever is higher). |
| Target price | A price for certain crops established by law. If the average market price does not equal the target price, qualifying farmers receive a deficiency payment to make up part or all of the difference. |
| Agricultural marketing service | An agency of the USDA that administers grading, inspection, market order, and promotion programs related to agricultural commodities. The agency also reports timely information of supply, demand, and prices of most agricultural commodities. |
| Export enhancement program | Various programs in which the government pays subsidies in money or in kind to increase the volume of agricultural exports. |
| Soil Bank program | A program operated in the 1950s to achieve objectives of both soil conservation and production control. Under the program, farmers signed contracts for varying periods of time to place part of their acreage into conserving uses. |
| Market segmentation | Allocating portions of a product for sale in segments of the market with differing elasticities of demand, such as fresh, frozen, and export markets for fruit. |
| Slippage | A term used to describe the operation of economic programs, such as a farm production-control program, in which the program fails to fully achieve its goal because of substitutions of inputs or products or some other adjustment by program participants. |
| Freedom to farm act | A law passed in 1996 that revamped 60 years of U.S. farm policy by ending price supports and acreage allotments for wheat, corn, barley, oats, sorghum, rye, cotton, and rice. |
| Parity | A relationship that defines a level of price, income or purchasing power for farmers equal to an earlier base period. |
| Set-aside acreage | The acreage a farmer must hold out of production in order to qualify for the federal price-support program, compensatory payments, or other related benefits. |
| Cross compliance | The requirement that to qualify for price support and similar programs a farmer must also satisfy the provisions of other federal programs. |
| Parity concept | The idea that year after year a specific output of a farm product should enable a farmer to acquire a constant amount of nonagricultural goods and services. |
| Food stamp program | A program that permits low-income persons to purchase food items for less than their retail value, or at no cost, coupons that can be exchanged for food items at retail stores. |
| Parity ratio | The ratio of the price received by farmers from the sale of an agricultural commodity to the prices of other goods paid by them; usually expressed as a percentage; used as a rationale for price supports. |
| Base acreage | The number of acres on a farm that were in crop production in a base period. It is used by the USDA in implementing certain provisions of price support programs. |
| Slippage | A term used to describe the operation of economic programs, such as a farm production-control program, in which the program fails to fully achieve its goal because of substitutions of inputs or products or some other adjustment by program participants. |
Created by:
melissaunicorn