Comparison of Costs Alone May Not Give a Definitive Answer

question 21

True/False

Comparison of costs alone may not give a definitive answer to the question of whether to make or buy because other non-quantitative factors may outweigh pure price considerations.

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Definitions:

Great Migration

The movement of over six million African Americans from the rural Southern United States to urban areas in the North and West from about 1916 to 1970, seeking better job opportunities and living conditions.

Wealth Of Nations

A seminal book by Adam Smith that analyses the nature and causes of the wealth of nations, laying the foundations of classical economics.

Opportunity Cost

The cost of foregoing the next best alternative when making a decision or choosing between options.

Tuition

Tuition refers to the fee paid for instruction or teaching, typically charged by educational institutions such as colleges and universities.