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Agriculture and US Terms

Mrs. Gilbreath Dec 2010. Agriculture and US Terms. Commodity. Something useful or valued. An item to buy or sell. Free Enterprise. It is a system in which households and businesses are free to make their own earning and spending decisions. With very little government action.

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Agriculture and US Terms

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  1. Mrs. Gilbreath Dec 2010 Agriculture and USTerms

  2. Commodity • Something useful or valued. • An item to buy or sell.

  3. Free Enterprise • It is a system in which households and businesses are free to make their own earning and spending decisions. With very little government action.

  4. Have and the Want/Need Supply Demand • The quantity of a product that is available at a given time • You plant 10 tomato plants in your garden spot for your family of five. It is a good growing season and each plant produces 10 tomatoes. You have a supply of 100 tomatoes to eat, sell, can, etc. The next year it is a poor season, each plant only produces 5 tomatoes. What might be some of the problems that could occur with fewer tomatoes? • The willingness to buy a product • Using our tomato example, how will the demand work? The tomatoes you raise are sold. What happens to your product during the poor seasons? Good seasons? What might be a result of you having a good season, and other producers having a bad season?

  5. Subsidies • A grant or gift of money • A grant by a government to a private person or company to assist an enterprise deemed advantageous to the public

  6. Monopolies Inflation • exclusive possession or control. • Acommodity controlled by one party • A continuing rise in the general price level • Usually attributed to an increase in the volume of money and credit relative to available goods and services

  7. A lot & A little Surplus Deficit • The amount that remains when use or need is satisfied. • An excess of expenditure over revenue • A loss in business operations • An amount that is lacking or inadequate

  8. Free Trade Tariffs • Trade based on the unrestricted international exchange of goods with tariffs used only as a source of revenue • a schedule of duties imposed by a government on imported or in some countries exported goods

  9. In & Out Imports Export • To bring from a foreign or external source • To bring (as merchandise) into a place or country from another country • To carry or send (as a commodity) to some other place (as another country)

  10. Positive Trade Value • The amount exported is valued for MORE than the amount being imported. • In this case, the US is making money • Negative Trade Value • The amount exported is valued for less than the amount being imported • In this case, the US is loosing money

  11. Unemployment • Not employed, no job • Involuntary idleness of workers

  12. Organic • Of, relating to, yielding, or involving the use of food produced with the use of feed or fertilizer of plant or animal origin without employment of chemically formulated fertilizers, growth stimulants, antibiotics, or pesticides

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