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Questions and Answers
Who coined the term "agribusiness"?
Who coined the term "agribusiness"?
- Two Harvard engineers in 1957
- Two Harvard scientists in 1957
- Two Harvard economists in 1957 (correct)
- Two Harvard mathematicians in 1957
What is the definition of agribusiness according to Merriam-Webster's Collegiate Dictionary?
What is the definition of agribusiness according to Merriam-Webster's Collegiate Dictionary?
- A business that provides agricultural supplies and processing
- An industry engaged in producing operations of a farm (correct)
- A profit-motivated enterprise involved in marketing agricultural materials and consumer products
- A sector that supplies farm inputs
Which of the following is not a sector that comprises agribusiness?
Which of the following is not a sector that comprises agribusiness?
- Processors
- Retail stores (correct)
- Agricultural producers
- Businesses that provide supplies and services
What is the role of marketing in agribusiness?
What is the role of marketing in agribusiness?
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Which of the following is not included in agribusiness?
Which of the following is not included in agribusiness?
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What is the definition of agribusiness according to the Australian Department of Agriculture, Fisheries, and Forestry?
What is the definition of agribusiness according to the Australian Department of Agriculture, Fisheries, and Forestry?
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What are the input-farm-product sectors that agribusiness includes?
What are the input-farm-product sectors that agribusiness includes?
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Study Notes
- Agribusiness is important in human survival and contributes to economic development.
- The term "agribusiness" was coined by two Harvard economists in 1957.
- Agribusiness includes the input-farm-product sectors that supply farm inputs, production, and handling of products.
- Merriam-Webster's Collegiate Dictionary defines agribusiness as an industry engaged in producing operations of a farm.
- Agribusiness is any profit-motivated enterprise involved in providing agricultural supplies and processing, marketing, transporting, and distributing agricultural materials and consumer products.
- The Australian Department of Agriculture, Fisheries, and Forestry provides an inclusive definition of agribusiness.
- Agribusiness encompasses agricultural producers, businesses that provide supplies and services, processors, and those that facilitate the marketing of agricultural products.
- Marketing plays a vital part in moving inputs, products, and by-products to different sectors and consumers.
- There are basically three sectors that comprise agribusiness.
- Agribusiness encompasses all operations involved in the production of farm inputs, cultivation of crops or raising of livestock, handling and processing of agricultural commodities, and transfer of commodities to end-users.
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