Define Management Information System

question 46

Essay

Define management information system. What are the key elements of its definition?

---

Definitions:

Labor

The effort exerted by humans, encompassing both mental and physical activities, to create goods and services.

Machines

are mechanical or electronic devices that perform tasks, either automatically or with human input.

Short-Run Total Cost

The total of all costs, both fixed and variable, involved in the production of goods or services in the short run.

Production Function

This concept describes the relationship between inputs used in production and the resulting output.