A Purposeful Collection of People,objects,and Procedures for Operating Within an Environment

question 50

Multiple Choice

A purposeful collection of people,objects,and procedures for operating within an environment is known as a(n) :

• A)Operation
• B)Sub-system
• C)System
• D)Sub-operation

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Definitions:

Entrepreneurial Talent

The unique set of skills, intuition, and insights that an entrepreneur possesses, which contributes to the successful creation and growth of businesses.

Accounting Profit

The profit a company has after deducting all its costs from its total revenues, according to standard accounting practices.

Production Costs

The total expense of manufacturing or producing goods, including materials, labor, and overhead expenses.

Marginal Product

The additional output that results from using one more unit of a particular input, holding other inputs constant.