You Will Need to Manage Resources to Ensure That You

question 5

Multiple Choice

You will need to manage resources to ensure that you always:

• A) provide good facilities for colleagues to have breaks
• B) have the necessary items available and the costs of providing them are monitored
• C) provide the correct resources regardless of cost
• D) have the correct suppliers ready to send what is needed as it is required

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Definitions:

Opportunity Cost

The cost of an alternative that must be forgone in order to pursue a certain action; the benefits you could have received by taking an alternative action.

Circular-flow Diagram

A visual construct of the financial ecosystem, detailing the exchange of dollars between households and firms via markets.

Legal Services

Professional services provided by lawyers or legal practitioners related to the law, including advice, representation, and the preparation of legal documents.

Revenue Earned

The total income received by a company from its business activities, such as sales of products or services, before any expenses are deducted.