Differentiate Between Value-Creation (Core)processes and Supporting Processes

question 95

Essay

Differentiate between value-creation (core)processes and supporting processes.Provide an example of each process.

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Definitions:

Market Prices

The current value at which goods or services are bought and sold in a competitive marketplace.

Economic Growth

An increase in a country's output of goods and services over time, typically measured by the rise in real GDP, which enhances the economy's overall wealth and living standards.

Natural Resources

Materials or substances occurring in nature which can be exploited for economic gain.

Human Capital

The stock of competencies, knowledge, social and personal attributes, including creativity, embodied in the ability to perform labor so as to produce economic value.