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Ag Econ
agricultural economics
| Question | Answer |
|---|---|
| The value of satisfaction or the return that could have been recieved from an alternative choice that is forgone or sacrificed resulting from a decision by an individual | opportunity cost |
| the amount of satisfaction that can be derived from a particular good or service by an individual | utility |
| The study of economics that is based on the entire economic system | macroeconomics |
| gaining ownership of successive stages in the production, processing, and marketing of a particular commodity by one firm | vertical integration |
| indicates all possible combinations of two goods that will provide the same amount of total satisfaction (utility) | indifference curve |
| All possible combinations between two goods that can be purchased with a set amount of money | budget line |
| A change in price results in a larger change in Q demanded (%change in price < %change in Q demanded) X>1 | elastic demand |
| Increase in income, increase in Qd. Examples: new cars, wine, steak, new clothes | normal good |
| The change in total product divided by change in the number of units of input (fertilizer) | marginal product |
| amount of output produced by each individual unit of the variable input in the production process. (adjusted total product / number of units of input) | average product |
| additional cost of adding one more unit of a variable input to the production process | marginal factor cost |
| additional return (change in total returns) recieved from the production process by adding one more unit of variable input to the production process | marginal value product |
| the amounts of various combinations of two inputs which can be purchased with a given amount of money (equal cost). The slope is equal to the price ratio (price input added / price input replaced) | isocost line |
| indicates the maxium output levels (combinations) for two products that can be produced from a given set of resources | production possibility curve |
| total cost / total product. | average total cost |
| represents the additional return that can be recieved from producing another unit of output in the production process | marginal revenue |
| a large change in market price results in only a small change in the quantity supplied by producers in the market. Producers are not very price responsive. Es<1. % change in P > % change in Q | inelastic supply |
| Price searcher. Only one firm makes up the industry | monopoly |
| A change in these costs only affects profits but never changes the level of production | fixed costs |
| condition that exists when a "price ceiling" is established in the market | market shortage |
| firms conbine within the same industry (pizza hut merges with godfathers pizza) | horizontal merger |
Created by:
j.cob.xc
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