Agribusiness - Ch. 2 Key Terms

4. Predicting future events based on data and trends.
7. capital, The value derived from relationships, trust, and networks.
8. Convert an asset or activity into revenue.
10. capital, Soil, water, air, and ecosystems providing environmental resources.
12. function, Guiding, motivating, and supervising employees.
13. function, Structuring resources and roles to achieve goals.
17. capital, Intangible knowledge assets such as expertise, patents, or systems.
18. capital, The skills, knowledge, and abilities possessed by individuals.
19. function, Management function involving measuring performance and correcting deviations.
20. The worth of a good or service based on customer satisfaction relative to cost.
21. capital, Machinery, buildings, tools, and equipment used in production.

1. capital, Money and credit used to fund operations and investments.
2. capital, Influence gained through relationships with policymakers or institutions.
3. efficiency, Producing maximum output with the least input.
5. capital, Community norms, values, traditions, and relationships that influence success.
6. function, Setting goals and determining actions needed to achieve them.
9. Creating and managing new business ventures while taking on risks.
11. A resource owned by a business that has economic value and future benefit.
14. on invested capital, Measure of how effectively a business uses invested funds to generate profit.
15. Debts or obligations a business owes.
16. efficiency, Producing maximum output from a given set of inputs.