Operations Management Transforms Resources into Goods and Services, Such as a Landscape

question 90

True/False

Operations management transforms resources into goods and services, such as a landscape company that utilizes equipment, labor, and materials to develop a landscape. Managing this operation may also involve maintenance services.

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Definitions:

Trade

The exchange of goods, services, or both between countries or individuals, allowing for the specialization and efficiency benefits.

Relative Values

A measure of the worth or importance of one thing in comparison to another, often used in economics to compare the value of different commodities or services.

Barter System

The barter system is a method of exchange where goods or services are traded directly for other goods or services without the use of currency.

Services

Intangible products such as banking, cleaning, and consulting, which are consumed at the time they are produced.