____ Provides a Visual Representation of the Key Drivers of an Organization's

question 61

Multiple Choice

____ provides a visual representation of the key drivers of an organization's success and shows how specific outcomes in each area are linked.

• A) Enterprise resource planning
• B) A feedback control model
• C) A strategy map
• D) A customer relationship management model

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Definitions:

Purely Competitive Firm

A business operating in a market where there are many buyers and sellers, each with negligible impact on the price of goods and services.

Economic Profit

The variance between collective earnings and complete expenditures, encompassing both overt and covert costs.

Normal Profit

The minimum amount of profit needed for a company to remain competitive in the market; it equals the total opportunity costs of a firm.

Economic Profits

The surplus or profit earned by a firm or individual after accounting for both explicit and implicit costs.