A ________ Is a Networked Business Ecosystem That Coordinates a Firm's

question 30

Multiple Choice

A ________ is a networked business ecosystem that coordinates a firm's suppliers, distributors, and delivery firms with its own production needs using an Internet-based supply chain management system.

• A) value chain
• B) value system
• C) value web
• D) business strategy

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Definitions:

Substitution Effect

The economic principle that as prices rise or income decreases, consumers replace more expensive items with less costly alternatives.

Normal Goods

Goods for which demand increases as consumer income rises, and decreases when consumer income falls.

Interest Rate

The cost of borrowing money or the return on investment, expressed as a percentage, charged by lenders to borrowers for the use of their money.

Substitution Effect

The change in demand for a good or service caused by a change in its price, making consumers replace it with a cheaper alternative.