Because Globalization Is Upsetting Traditional Patterns of Competition, the Rise

question 19

True/False

Because globalization is upsetting traditional patterns of competition, the rise of material costs, and customer resistance to price increases, the influence of the procurement function is increasing in most organizations.

---

Definitions:

Net Seller

An entity or individual that sells more of a security, commodity, or product than is purchased over a specific time period.

Inferior Good

A category of products whose demand diminishes when consumer income rises, in opposition to normal goods.

Wage Rate

The fixed amount of compensation or payment provided to an employee by an employer in return for work performed, typically expressed per hour or year.

Utility Maximizer

An individual or entity that seeks to achieve the highest level of satisfaction possible from their consumption choices, given their resources.