When New Products or Services Are Being Planned, Process Selection

question 10

Multiple Choice

When new products or services are being planned, process selection occurs as a matter of course. Process selection also comes into play as a result of:
(I) technological changes.
(II) competitive pressures.
(III) fundamental changes in demand patterns.

• A) I only
• B) II only
• C) III only
• D) I and II but not III
• E) I, II, and III

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Definitions:

Command Systems

Economic systems in which a centralized authority, typically the government, makes all decisions regarding the production and distribution of goods and services.

Market Systems

The network of buyers, sellers, and other actors that come together to trade in a given product or service, governed by supply and demand.

Capital Resources

The assets, both physical and financial, that businesses use to produce goods and services; these can include machinery, buildings, and technology.

Private Property

A system where individuals and companies own and control their own possessions and assets.