The Development of a New Good or a New Process

question 203

Multiple Choice

The development of a new good or a new process for making a good is called

• A)an innovation.
• B)an invention.
• C)a factor of production.
• D)a service.

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Definitions:

Admits Guilt

The act of acknowledging responsibility for a wrongdoing, often in a legal context, to demonstrate remorse or acceptance of consequences.

Postcrisis Review

The evaluation process conducted after a crisis to assess an organization's response, learn lessons, and improve future crisis management plans.

Crisis Plan

A predefined strategy or set of guidelines devised to help an organization respond effectively to an emergency or sudden adverse event.

Effectiveness

The degree to which objectives are achieved and the extent to which targeted problems are solved.