Industrial Product Lines That Are Offered Only in Certain Configurations

question 7

Multiple Choice

Industrial product lines that are offered only in certain configurations and are produced in anticipation of orders are called:

• A)custom-designed items.
• B)services.
• C)catalog items.
• D)custom-built items.
• E)component items.

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Definitions:

Economics

The social science that studies how individuals, businesses, governments, and nations make choices on allocating resources to satisfy their wants and needs, trying to maximize their wealth or utility.

Invisible Hand Principle

A concept introduced by Adam Smith, suggesting that individuals' self-interested actions may lead to positive societal outcomes, effectively guided by an "invisible hand."

Competitive Markets

Markets with numerous buyers and sellers, enabling free competition and efficient price setting.

Resources

are materials, money, staff, and other assets that can be drawn on by a person or organization to function effectively.