In a Transaction Processing Cycle, Capturing Data at Its Source

question 68

Short Answer

In a transaction processing cycle, capturing data at its source and recording it accurately in a timely fashion with minimal manual effort and in an electronic or digital form so that it can be directly entered into the computer is known as _____.

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Definitions:

Learning Curve

The graphical representation of how an increase in learning comes from greater experience, leading to reduced costs over time.

Average Cost Curve

A graphical representation that shows how the average cost of producing a good varies with the quantity produced, usually U-shaped due to economies and diseconomies of scale.

Joint Production

A process where multiple products are produced together in the same operation, often resulting in by-products.

Economies of Scope

Economies of scope occur when producing a wider variety of goods or services reduces the cost of production due to shared inputs or knowledge.