________ Systems Take Inputs from the External Environment, Transform Some

question 30

Short Answer

________ systems take inputs from the external environment, transform some of these inputs, and send them back into the environment as outputs.

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Definitions:

Very Elastic

Very elastic describes demand that significantly changes in response to small changes in price, indicating high sensitivity of consumers.

Total Revenue

The sum of all payments received by a company for its products or services, not accounting for any expenses.

More Elastic

A term describing demand that is highly responsive to changes in price.

Quantity Demanded

The specific amount of a good or service consumers are willing to buy at a given price during a specific period.