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AGBE 2317 Review Exam 1 Questions & Answers 2024/2025
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AGBE 2317 Review Exam 1 Questions & Answers 2024/2025
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AGBE 2317 Review Exam 1 Questions &Answers 2024/2025
Macroeconomics - ANSWERScenters attention on broad aggregates of the economy aka GDP,
unemployment,and inflation
Microeconomics - ANSWERSfocuses on individuals or groups of individuals aka consumers and
producers, individual businesses
food/fiber - ANSWERSAg economics is concerned with ________________ / natural resource sector
GDP - ANSWERSthe total market value of all final goods and services produced annually in an economy
12-15% - ANSWERSthe food and fiber industry accounts for ____-____% of the U.S. Gross Domestic
Product
postive economics - ANSWERSthe study of "what is" in economics
normative economics - ANSWERSThe part of economics involving value judgments about what the
economy should be like; focused on which economic goals and policies should be implemented; policy
economics.
Socialistic Economy - ANSWERSAn economic theory of social organization that advocates that the means
of production, distribution, and exchange should be owned or regulated by the community as a whole.
Centerally planned economy
capitalist economy - ANSWERSan economic system in which the market determines production,
distribution, and price decisions, and property is privately owned. Market economy
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