_____ Actions and Resources Are Those Actions in a Process

question 37

Multiple Choice

_____ actions and resources are those actions in a process that must be done to make the product but create no value for the customer.

• A) Non-value-adding
• B) Necessary non-value-adding
• C) Value-adding
• D) Inventory surplus
• E) None of the above.

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Definitions:

Opportunity Cost

The cost of a missed opportunity; the value of the best alternative that one gives up when making a decision.

Frozen Foods

Food products that have been preserved through freezing to extend shelf life and retain nutritional value.

Labor Force

The aggregate sum of individuals working or actively looking for work in an economic system.

Marginal Rate

The rate at which one variable changes as another variable changes by one unit, commonly used in the context of tax rates or marginal rate of substitution in economics.