AEC Lesson 1.1

The fact that U.S. imports of food products are __________ is a reflection of how globalization within the agricultural marketing is ___________.
increasing, increasing
Marketing adds value by enhancing the location, form, or ___________ of goods or services.
possession
Demand elasticities for food tend to be _____. This is because consumers (especially in the U.S.) respond relatively little to changes in food prices, ceteris paribus.
low
Agricultural markets are relatively unique because they range from the extremes of nearly perfectly competitive to pure monopoly.
True
A yard sale is an example of a market.
True
When potato seeds get transformed by farmers into potatoes, this transformation is best identified as a ______ process.
value added
What are the names of the three sectors that economists divide economies into?
Industrial, Agricultural, and Services.
Agricultural marketing is a multidisciplinary field of study that includes many different kinds of laborers in addition to farmers. Other groups of jobs related to agricultural marketing include truckers, factory workers, lawyers, accountants, and psychologists. According to your text, another job group related to agricultural marketing is
chefs, artists, geographers
The fact that agricultural marketing involves input suppliers, farm production, brokering, processing, storage, wholesaling, and retailing is a sign that it is ________.
multi-stage
Production lags suggest that supply elasticities in agricultural tend to be relatively _______.
Low (i.e., inelastic)
Some firms along the agricultural marketing chain transform raw agricultural products into other forms by adding desirable or removing undesirable characteristics (e.g., transforming wheat into bread or corn into corn syrup). These firms are collectively known as _______.
processors
In the U.S., about ____% of all laborers are farmers.
2
In most low income countries, the agricultural sector is relatively _____ as a percent of overall GDP.
Large
Markets are comprised of three elements: buyers, sellers, and _________.
Organization
Agricultural markets are unique because government subsidies tend to be relatively very ______.
High
The online retailer eBay is a market because it organizes buyers and sellers for the purposes of exchanging goods and services.
True
The marketing supply chain describes how an agricultural product (e.g., pork) moves from initial producers (e.g., as shoats or hogs) and eventually on to retailers where the product is sold to _____.
consumers
The following continent has the highest percentage of workers engaged in agriculture:
Africa
The fact that agricultural products can be marketed via auctions, futures markets, contracts, marketing boards, cooperatives, or direct negotiations is an indication that agricultural marketing is _____.
Adaptable
Along the agricultural marketing chain, a cruise ship (e.g., that serves meals) is an example of a _____.
retailer