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The state where supply equals demand for a product, resulting in stable prices. In agriculture, this is when the quantity of agricultural goods supplied matches what consumers are willing to buy at a certain price point.

A basic good used in commerce that is interchangeable with other goods of the same type. Agricultural commodities include crops like wheat, corn, and soybeans, and products like milk and livestock, which are traded on commodity markets.

The legal regime in which land is owned or occupied. In agriculture, land tenure affects access to land for farming and can include arrangements such as renting, leasing, or owning farmland.

A government payment that supports a business or market. Agricultural subsidies can help farmers manage the cost of production, stabilize food prices, and ensure a steady food supply.

The difference between revenue and the cost of goods sold (COGS) before accounting for certain other costs. In agriculture, the gross margin might refer to the money made from selling crops or livestock minus the direct costs of producing them.

Products that have been enhanced or refined in some way that adds value beyond the original raw material. In agriculture, value-added can refer to processes such as turning milk into cheese or processing and packaging fruits and vegetables.

The state of having reliable access to a sufficient quantity of affordable, nutritious food. Agricultural businesses contribute to food security by efficiently producing and distributing food products to meet demand.

Meeting the needs of the present without compromising the ability of future generations to meet their own needs. In agriculture, sustainability focuses on farming practices that preserve environmental resources, such as soil and water conservation techniques.

A business that earns most or all of its revenues from agriculture. This term represents the diverse range of activities within the agricultural sector, including farming, seed supply, agrichemicals, farm machinery, distribution, processing, marketing, wholesale, and retail sales.

A proportionate saving in costs gained by an increased level of production. In agriculture, this can be achieved when a farm expands its production and lowers the cost per unit of crops or livestock produced.

A socially responsible movement that ensures producers in developing countries get a fair price for their products. In agriculture, fair trade principles can apply to goods like coffee or cocoa, ensuring farmers receive fair payment and work under good conditions.

A farm, business, or organization that is owned and run jointly by its members, who share the profits or benefits. Agricultural cooperatives allow farmers to pool resources for purchasing inputs, marketing products, and securing services.

Selling products directly to the consumer without an intermediary. In agriculture, farmers might use direct marketing by selling their goods at farm stands, farmers' markets, or through community-supported agriculture (CSA) programs.

The combination in one company of two or more stages of production normally operated by separate companies. An agricultural business might own the supply chain from production to retail, including farm operations, processing plants, and distribution networks.

The total amount of money being transferred into and out of a business. In agriculture, this can refer to the capital entering and leaving a farm's operations over a given period, crucial for purchasing seeds, livestock, equipment, and paying for labor.

The strategy of investing in a variety of assets to reduce risk. In farming, diversification could involve planting multiple types of crops or incorporating livestock to guard against the failure or poor performance of a single crop or product.

The identification, evaluation, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events. In agriculture, risk management may include crop insurance, diversification of crops, and investment in irrigation systems.

A farming management concept based on observing, measuring, and responding to inter and intra-field variability in crops. Precision agriculture uses technology like GPS, sensors, and big data to optimize field-level management regarding crop farming.

A system of organizations, people, activities, information, and resources involved in moving a product or service from suppliers to customers. In agriculture, it might apply to the process of getting a crop from the farm to the consumer, including planting, harvesting, processing, packaging, and distribution.