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Econ Terms Chp1-3

QuestionAnswer
Agribusiness The business of optimizing natural resources, available technology, law and policies, consumer demand, and wealth creation
1. Natural Resources —Biological, mineral, or aesthetic assets afforded by nature used for benefit, whether material (economic) or not.
2. Technology Economic term for the transformation of inputs into outputs, products, and services
3. Law and Policies Institutional guidelines and boundaries on the choices consumers and producers make. Income taxes are policies, as are food labels and environmental regulations
4.Consumer Demand a consumer’s desire and willingness to pay a certain price for a good or service.
5. Wealth Creation —Building capital by profitably serving customers. Economic wealth creation implies that there is more value after an activity than before it began.
1. Food Hierachy of Food Preferences : Nutritious, safe, affordable the foundation of the food system: . Producers, processors, distributors, retailers, and regulators must ensure food safety, adequate supply, quality control, and affordability.
2. Food Hierachy of Food Preferences : Tastes good and variety Agribusinesses compete through product differentiation, breeding, processing, packaging, branding, and product variety.
3. Food Hierachy of Food Preferences : Convenience save time and effort for consumer : Creates opportunities for ready-to-eat, ready-to-cook, frozen, packaged, delivery, and online food products.
4. Food Hierachy of Food Preferences : Promote health Opportunities arise for organic, whole-grain, functional, nutrient-dense, low-sugar, plant-based, and other health-oriented products
5. Food Hierachy of Food Preferences : . Live well products based wellness, sustainability, environmental stewardship, local sourcing, ethical production, and lifestyle preferences
6. Food Hierachy of Food Preferences : Status / Social causes At the highest level, consumers may purchase products to express identity, social values, or affiliation with particular causes.
Hierarchy of food preferences consumers expect agricultural and food products to satisfy basic needs first, but as those needs are met, they increasingly seek convenience, quality, health benefits, lifestyle value, and social meaning.
Agribusiness The business of optimizing natural resources, available technology, law and policies, consumer demand, and wealth creation
1. Natural Resources —Biological, mineral, or aesthetic assets afforded by nature used for benefit, whether material (economic) or not.
2. Technology Economic term for the transformation of inputs into outputs, products, and services
3. Law and Policies Institutional guidelines and boundaries on the choices consumers and producers make. Income taxes are policies, as are food labels and environmental regulations
4.Consumer Demand a consumer’s desire and willingness to pay a certain price for a good or service.
5. Wealth Creation —Building capital by profitably serving customers. Economic wealth creation implies that there is more value after an activity than before it began.
1. Food Hierachy of Food Preferences : Nutritious, safe, affordable the foundation of the food system: . Producers, processors, distributors, retailers, and regulators must ensure food safety, adequate supply, quality control, and affordability.
2. Food Hierachy of Food Preferences : Tastes good and variety Agribusinesses compete through product differentiation, breeding, processing, packaging, branding, and product variety.
3. Food Hierachy of Food Preferences : Convenience save time and effort for consumer : Creates opportunities for ready-to-eat, ready-to-cook, frozen, packaged, delivery, and online food products.
4. Food Hierachy of Food Preferences : Promote health Opportunities arise for organic, whole-grain, functional, nutrient-dense, low-sugar, plant-based, and other health-oriented products
5. Food Hierachy of Food Preferences : . Live well products based wellness, sustainability, environmental stewardship, local sourcing, ethical production, and lifestyle preferences
6. Food Hierachy of Food Preferences : Status / Social causes At the highest level, consumers may purchase products to express identity, social values, or affiliation with particular causes.
Hierarchy of food preferences consumers expect agricultural and food products to satisfy basic needs first, but as those needs are met, they increasingly seek convenience, quality, health benefits, lifestyle value, and social meaning.
Created by: ManiStudies
 

 



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