When a Textile Company Keeps Track of Its Inventory Using

question 261

Multiple Choice

When a textile company keeps track of its inventory using a computer and its competitor uses a pad of paper and a pencil, they are both answering the part of one of the two big economic questions.

• A) ʺfor whomʺ
• B) ʺhowʺ
• C) ʺwhereʺ
• D) ʺwhatʺ

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Definitions:

Shares

Units of ownership in a corporation or financial asset, representing a portion of the company and conferring certain rights and liabilities to the shareholder.

Partnership

A legal arrangement where two or more individuals engage in business together, sharing profits, liabilities, and decision-making.

Close Corporations

Businesses characterized by a small number of shareholders, no public shares, and often more relaxed corporate governance standards.

Flexibility

The quality of being adaptable or variable in order to accommodate different circumstances or needs.