A Production System Where Various Workers Concentrate on Different Specialized

question 6

Multiple Choice

A production system where various workers concentrate on different specialized tasks to contribute toward a whole product is referred to as

• A) a coincidence of wants.
• B) roundabout production.
• C) freedom of enterprise.
• D) division of labor.

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Definitions:

Cash Account

An account that records all transactions involving cash inflows and outflows, including receipts, disbursements, and balances.

Debited

An accounting entry that increases an asset or expense account, or decreases a liability or equity account.

Cash Receipts

The collection of money, including coins, notes, cheques, and electronic transfers, by a business from transactions involving goods or services.

Cash Account

A financial account that records cash transactions, including receipts and payments of cash.