________ Systems Are Collections of People,machines,data,and Methods Organized to Accomplish

question 40

Short Answer

________ systems are collections of people,machines,data,and methods organized to accomplish specific functions and solve specific problems.

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Definitions:

Perfectly Competitive

An economic model where numerous buyers and sellers exist, there's unrestricted entry and exit, and the product offered is uniform.

Market Price

The present cost at which a product or service is available for purchase or sale in the marketplace.

Profit

The financial gain obtained when the amount earned from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

Industry Supply

The total output of goods or services that firms in a specific industry are willing and able to sell at various prices, over a certain period.