Match the Term with Its Definition

question 130

Multiple Choice

Match the term with its definition. Some terms may not be used.
-A choice that companies must make when they have the option of making or buying component parts for products they produce

• A)Continuous manufacturing
• B)Coop
• C)Flexible manufacturing systems
• D)Job shops
• E)Lean production
• F)Make-or-buy decisions
• G)Operations
• H)Outsourcing
• I)Project manufacturing
• J)Repetitive manufacturing
• K)Supply Chain Operations Reference model
• L)Synchronous manufacturing

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Definitions:

Profit

The financial gain achieved when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity.

Production Function

An equation that describes the relation between inputs used in production and the output of goods or services.

Profit

The financial gain realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

Commodity

A basic asset deployed in commercial transactions that is exchangeable with other assets of the same classification.