The Service Area Profile Includes Key Competitively Relevant Economic, Demographic

question 20

True/False

The service area profile includes key competitively relevant economic, demographic, psychographic (lifestyle), and community health status indicators. Relevant economic indicators may include income distribution, major industries and employers, types of businesses and institutions, economic growth rate, seasonality of businesses, unemployment statistics,
and so on.

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Definitions:

Purchased Materials

Refers to the raw materials bought by a company to be used in production or merchandise bought for resale.

Manufacturing Department

A specific division within a company that is responsible for the production of goods.

Period Costs

Those costs that are used up in generating revenue during the current period and that are not involved in manufacturing a product, such as selling, general, and administrative expenses.

Production Requirements

The specific quantities and specifications of products that need to be produced within a certain timeframe to meet demand.