A "Value Chain" Defined by Michael Porter in the Text

question 53

Multiple Choice

A "value chain" defined by Michael Porter in the text refers to ________.

• A) external products of suppliers that add value to a process
• B) the business's financial return on investment
• C) only the manufacturing transformation of raw materials to customer products
• D) the interconnectivity of internal business functions whose decisions create value to a product or process

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Definitions:

Interest Rate

The segment of a loan levied as interest upon the borrower, customarily indicated as an annual proportion of the loan yet to be repaid.

Utility Function

A representation in economics that expresses the preference ordering of various utility levels or consumption bundles by individuals or firms.

Consumption

The use of goods and services by households or individuals, often analyzed to understand economic activity and consumer behavior.

Bushels

A bushel is a unit of volume that is used in the United States for measuring quantities of agricultural produce such as grains, fruits, and vegetables.