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Lecture 7

ANSC 101 Lecture Notes - Lecture 7: Killer Toy, Child Labor Laws In The United States


Department
Animal Science
Course Code
ANSC 101
Professor
Kasey Moyes
Lecture
7

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Ag Economics
Objectives
Describe how economics can impact management decisions
Economics
The science of the production, distribution, and consumption of goods and services
Who needs to be concerned?
Businesses that contribute to the value stream involving animals
o Farmers
o Veterinarians
o Nutritionists
o Consultants: bankers, machinery dealers, insurance salespersons, extension
faculty…
Value stream
A sequence of activities required to design, produce, and provide a good or service, and
along which information, materials, and value flows
Where does your business fit in the value stream?
(See value stream diagram on slide)
Profit or Loss
(Production x price) costs
Production
o Output
o Pounds or numbers sold
o Services provided
Livestock Farm Costs
Feed biggest single cost for livestock
Labor
o Must be tracked on family farms
o Hired vs. family
Interest
Management
Veterinary
Fuel
Land: owned vs. rented; fertility, run-off
Capital
Family farms
98% of all farms
84% of all agricultural production
Owner/operator and his/her family provide significant labor
Minimum sales of ag products
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find more resources at oneclass.com
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