Interdependency Between Various Segments of the Hospitality Industry Means That

question 26

Multiple Choice

Interdependency between various segments of the hospitality industry means that

• A) each segment, to an extent, depends on another for business
• B) all segments are very independent and do not rely on one another at all
• C) when airlines lower fares, tourism slows
• D) tourism has little effect on other segments of the industry

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Definitions:

Raw Material

Raw material refers to the basic, unprocessed inputs used in the production of goods and services; they are the essential components required in the manufacturing process.

Standard Costs

Predetermined costs for products or services, used as benchmarks to measure actual production costs.

Cash Account

An account that reflects the amount of cash a company has on hand, which includes currencies, checks, and balances in bank accounts.

Raw Material

Basic substances in their natural, modified, or semi-processed state used to produce goods and services.