JemShine Custom Detailing Recently Invested in a New Information System

question 144

Multiple Choice

JemShine Custom Detailing recently invested in a new information system that can collect,process,and provide information about orders,supplies,inventory,human resources,and even business forecasting.This type of system can best be referred to as a(n) :

• A)Business intelligence system
• B)Enterprise resource planning system
• C)Intranet
• D)Expert locator system
• E)Collaborative work system

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Definitions:

Producer Surplus

The disparity between the amount sellers are ready to accept for a good or service and the price they actually receive.

Supply-and-Demand

A fundamental economic model that describes how the price and quantity of goods and services are determined in a market based on the amount available (supply) and the desire to purchase (demand).

Equilibrium Output

The level of output where the quantity of goods or services producers are willing to supply equals the quantity consumers are willing to buy, resulting in market equilibrium.

Competitive Firm

A company that operates in a market where there are many buyers and sellers, and it has little control over the market price.