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Ag business Unit 1

TermDefinition
Agribusiness all of the economic activity of the agricultural industry in producing food and fiber
Agribusiness Sector a division or area of economic activity within agribusiness, including production, input, and marketing
Cooperative a not-for-profit business association designed to provide goods and/or services for members
Corporation an artificial entity created under state law to conduct business and owned by shareholders who buy stock
Economic System the way goods and services are owned, created, and exchanged
Entrepreneur a person who organizes and operates a business to meet a market need
Free enterprise an economic system in which individuals make decisions, own property, and establish prices based on market forces
Input a resource that is used to produce a product
Limited Liability Company (LLC) an unincorporated partnership that has limited liability for owners
Marketing providing products and services that people want at a time and place they want them
Partnership a type of business owned by two or more individuals
Production creating a product or service that meets a human or business need
Sole Proprietorship a business enterprise owned by one individual
Created by: csmith7393
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