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Agribusiness Key Terms

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Commodity Market

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A commodity market is a physical or virtual marketplace for buying, selling, and trading raw or primary products.

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Supply Chain

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The supply chain in agribusiness refers to the network between a company and its suppliers to produce and distribute a specific product to the final buyer.

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Subsistence Farming

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Subsistence farming is a type of agriculture where the farmer grows enough food to meet the needs of themselves and their families, with little to no surplus for sale or trade.

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Economies of Scale

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Economies of Scale refer to the cost advantage that arises with increased output of a product, where the average cost of producing each unit declines as the scale of production and the quantity of output rises.

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Precision Agriculture

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Precision agriculture is a farming management concept based on observing, measuring and responding to inter and intra-field variability in crops.

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Sustainable Agriculture

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Sustainable agriculture is the practice of farming using principles of ecology, the study of relationships between organisms and their environment.

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Aquaculture

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Aquaculture is the cultivation of aquatic organisms such as fish, crustaceans, mollusks, and aquatic plants under controlled conditions.

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Livestock

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Livestock refers to domesticated animals raised in an agricultural setting to produce labor and commodities such as meat, eggs, milk, fur, leather, and wool.

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Integrated Pest Management (IPM)

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IPM is an ecosystem-based strategy that focuses on long-term prevention of pests or their damage through a combination of techniques such as biological control, habitat manipulation, modification of cultural practices, and use of resistant varieties.

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Genetically Modified Organism (GMO)

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A GMO is an organism, including plants and animals, whose genetic material has been altered using genetic engineering techniques.

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Agronomy

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Agronomy is the science and technology of producing and using plants for food, fuel, fiber, and land rehabilitation.

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Agroforestry

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Agroforestry is the integration of trees and shrubs into crop and animal farming systems to create environmental, economic, and social benefits.

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Crop Rotation

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Crop rotation is the practice of growing a series of dissimilar or different types of crops in the same area across a sequenced seasons to improve soil health, optimize nutrients in the soil, and combat pest and weed pressure.

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Green Revolution

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The Green Revolution refers to a set of research, development, and technology transfer initiatives, occurring between the 1940s and the late 1960s, that increased agriculture production worldwide, particularly in the developing world.

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Monoculture

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Monoculture is the agricultural practice of growing a single crop, plant, or livestock species, variety, or breed in a field or farming system at a time.

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Commodity

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In agriculture, a commodity is a basic good used in commerce that is interchangeable with other goods of the same type.

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Organic Farming

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Organic farming is a method of crop and livestock production that involves much more than choosing not to use pesticides, fertilizers, genetically modified organisms, antibiotics, and growth hormones.

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Food Security

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Food security is a condition in which all people, at all times, have physical, social and economic access to sufficient, safe, and nutritious food to meet their dietary needs and food preferences for an active and healthy life.

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Agribusiness

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Agribusiness refers to the businesses involved in the supply chain of agricultural products, including crop production, processing, and distribution.

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Vertical Integration

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Vertical integration in agribusiness is when a company controls multiple stages of production or marketing within the same industry, often to increase efficiency or reduce costs.

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