Product Focused Processes

question 82

Multiple Choice

Product Focused processes

• A) allow more customization, but are not very efficient
• B) are desirable because resource needs increase slowly with the complexity of a process
• C) are processes that are specialized for relatively few products or customer groups
• D) apply only to service firms, not to manufacturers
• E) are profitable because customers demand flexibility, not specialization

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Definitions:

Domestic Industries

Industries that focus on producing goods and services within a country's borders.

Production Possibility Frontier

a curve depicting all maximum output possibilities for two goods, given a set of inputs when all resources are fully employed.

Efficient Production

A process that maximizes output with the minimum amount of input, using resources in the most effective manner to achieve the highest level of productivity.

Tariff Revenue

Income generated by a government from imposing import taxes on goods brought into the country.