An 'Increase in Efficiency' Suggests That an Economy

question 21

Multiple Choice

An 'increase in efficiency' suggests that an economy:

• A) is able to get more goods from a given amount of resources
• B) is able to get more services from a given amount of resources
• C) is able to get less goods and services from a given amount of resources
• D) is able to get more goods and services from a given amount of resources

Differentiate between suitable and unsuitable supplier selection criteria.

Understand the principles and benefits of Just-In-Time (JIT) systems in inventory management.

Grasp the importance of collaborative relationships with suppliers in strategic cost management.

Explain the impact of e-commerce on business process and accounting system design.

---

Definitions:

Price Elastic

Refers to how sensitive the demand for a product is to changes in its price; high elasticity indicates demand significantly changes with price adjustments.

Price Inelastic

Describes a situation where the demand for a product does not significantly change with a change in its price.

Price Volatile

Referring to how quickly and to what extent the price of a commodity or asset can change within a short period of time.

Elastic

Describes a situation in economics where the demand or supply of a good or service is sensitive to changes in price.