_________ is an applied social science that deals with how producers, consumers, and societies use scarce resources in the production, marketing, and consumption of food and fber products. In agricultural markets, the forces of supply and demand are at work.

What book in the bible says, “Bless the lord, O my soul, thou dost cause the grass to grow for the cattle, and plants for man to cultivate, that he may bring forth food from the Earth.”

First agricultural economist.

Who interpreted the dreams of the Pharaoh of Egypt and correctly predicted seven years of feast and seven years of famine?

________ must make expenditure decisions with a budget in mind. Their objective is to maximize the satisfaction they derive from allocat-ing their time between work and leisure, and from allocating their available income to consumption and saving, given current prices and interest rates.

_________ must make production, marketing, and investment decisions with a bud-get in mind. Their objective is to maximize the profit of the firm, given its current resources and current relative prices.

________ refers to the finite quantity of resources that are available to meet society’s needs.

Land and mineral deposits are examples of this scarce resources.

This kind of scarce resources includes live-stock, wildlife, and different genetic varieties of crops.

_____________ are services provided by laborers and man-agement to the production of goods and services that also are considered scarce.

Another form of human resource, provides entrepreneurial ser-vices, which may entail the formation of a new firm, the renovation or expansion of an existing firm, the taking of financial risks, and the supervision of the use of the firm’s existing resources so that its objectives can be met.

The third category of scarce resources is ____________ or, more simply, capital. These consists of machines, equip-ment, and structures. A product that has not been used up in the year it was made also is considered a like this resource.

_________ refers to the implicit cost associated with the next best alternative in a set of choices available to decision makers.

Goods and services produced from scarce resources also are scarce and are referred to as __________.

____________ are goods that quantity desired is available at a price of zero.

____________ is a social science that deals with how consumers, producers, and societies choose among the alternative uses of scarce resources in the process of producing, exchanging, and consuming goods and services.

____________ is a branch of economics that focuses on the actions or behavior of individual agents or groups of agents.

____________ is another branch that centers attention on broad aggregates of the economy.

______________ refers to which is true in an individual situation is not necessarily true in the aggregate.

______________ focuses on what-is and what-would-happen-if questions and policy issues. No value judgments or prescriptions are made. Instead, the economic behavior of producers and consumers is explained or predicted.

_______________ focuses on determining “what should be” or “what ought to be.” For example, policymakers might inquire as to which of several alternative policies should be adopted to maximize the economic welfare of produc-ers and consumers.

_______________ can be defined as the institutional means by which resources are used to satisfy human desires.

___________ refers to the laws, habits, eth-ics, and customs of the nation’s citizens.

__________ is a free market economic system in which individuals own resources and have the right to employ their time and resources however they choose, with minimal legal constraints from government.

Under capi-talism, as claimed by the Scottish economist and moral philosopher Adam Smith in his book _____________________________ published in 1776.

_____________ is a metaphor conceived by Adam Smith to describe the self-regulating behavior of the marketplace.

Under _________ and _______resources are generally collectively owned and the government decides how human and nonhuman resources are to be utilized across the various sectors of the economy. Prices largely are set by the government and administered to consumers and farmers.

____________ noted that “socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy; its inherent virtue is the equal sharing of misery”

He argues that inequality in wealth leads to stagnant or declining economic growth. To address this issue, he proposes redistribution of wealth through a global tax.

What is the title of the book of Thomas Piketty?

A measurement of the equality or inequality in the distribution of wealth for any nation can be made by calculating the ___________, proposed in 1912 by the Italian statistician and sociologist __________.

_____________ is an applied social science that deals with how producers, consumers, and societies use scarce and natural resources in the production, processing, marketing, and consumption of food and fiber products.

__________ at the micro level are concerned with issues related to resource use in the production, processing, distribution, and consumption of products in the food and fiber system

_____________ examine resource demand by businesses and their supply response.

____________ focus on the flow of food and fiber through market channels to their final destination and the determination of prices at each stage.

_____________ are concerned with issues related to the financing of businesses and the supply of capital to these firms.

_____________ focus on the use and preservation of the nation’s natural resources.

_______________ involved at the macro level are interested in how agriculture and agribusinesses affect domestic and world economies and how the events taking place in other sectors affect these firms and vice versa.

_________________ with a research interest may use computer-based models to analyze the direct and indirect effects that specific monetary or fiscal policy proposals would have on the farm busi-ness sector.

_______________ may focus on how the addition of another input by a business, or the purchase of another product by a consumer, will change the economic well-being of the busi-ness and the consumer.

_______________ may focus on how a change in the tax rate on personal income may change the nation’s output, interest rates, inflation, and the federal budget deficit.