ANSC 101 Lecture Notes - Lecture 7: Killer Toy, Child Labor Laws In The United States
10 Nov 2016
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Document Summary
Describe how economics can impact management decisions. The science of the production, distribution, and consumption of goods and services. Businesses that contribute to the value stream involving animals: farmers, veterinarians, nutritionists, consultants: bankers, machinery dealers, insurance salespersons, extension faculty . 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: output, pounds or numbers sold, services provided. Feed biggest single cost for livestock. Labor: must be tracked on family farms, hired vs. family. Owner/operator and his/her family provide significant labor. Reality: depends on marketing: commodity product, branded product, farmer"s market, organic. Mid atlantic: high land prices, high population density, smaller farm sizes, consumers with more disposable income, pet owners with more disposable income.
