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Ag business Unit 1
Term | Definition |
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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 |