Economic Goods Are the Objects of Our Economic Wants and Are

question 22

Multiple Choice

Economic goods are the objects of our economic wants and are the things that:

• A) are constant in supply.
• B) money can buy.
• C) are never scarce.
• D) are always impossible to place a price on.

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Definitions:

Supply Management

The process of identifying, acquiring, and managing the resources and suppliers needed by an organization to perform its operations effectively.

Decentralized Purchasing Structure

An organizational framework where purchasing decisions are made independently across different departments or locations, rather than being centralized.

Centralization

The organizational structure decision to concentrate decision-making authority and control at higher levels of management.

Supply Policies

Guidelines and rules set by an organization to govern its procurement activities and relationships with suppliers.