The Value Chain Consists of the Following

question 10

Multiple Choice

The value chain consists of the following:

• A) Quality
• B) Innovation
• C) Infrastructure
• D) Marketing
• E) Both C & D

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Definitions:

Command Economy

A type of economic system where production, investment, prices, and incomes are determined centrally by a government.

Central Authority

An organization or governing body that holds the primary power and control over decision-making and regulation within a certain area or scope.

Laissez-Faire Economy

An economic system where transactions between private parties are free from government intervention such as regulation, privileges, tariffs, and subsidies.

Self-Interest

A principle that assumes individuals make decisions that they perceive to be in their own best advantage, often equated with rational behavior.