The Managed Effort of an Organization to Develop New Products

question 79

Short Answer

The managed effort of an organization to develop new products or services or new uses for existing products or services is known as _____.

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Definitions:

Output

The total amount of goods or services produced by a firm, an industry, or an economy, often measured within a specific time period.

Production Function

An equation or graph that indicates the maximum output that a firm can produce with a given set of inputs, such as labor and capital, under current technology.

Production Function

A mathematical relationship expressing the maximum output that can be produced from a given set of inputs.

Commodity

An elementary good in the business sector that can be interchanged with others of a like kind.