A Legacy System ____

question 24

Multiple Choice

A legacy system ____.

• A) closely matches the current needs of the organization
• B) is usually easy to modify to add new features
• C) requires minimal cost to maintain
• D) is an old system that may have been patched or modified repeatedly over time

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Definitions:

Comparative Advantage

The skill of an entity—be it an individual, enterprise, or nation—to manufacture a product or deliver a service at a reduced opportunity cost than that of its competitors.

Production Possibilities

The various combinations of goods and services that an economy can produce, given its technological capabilities and available resources.

Comparative Advantage

The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than competitors, leading to specialized production and trade benefits.

Specialization

The process in which individuals, firms, or countries focus on producing a narrow range of goods or services to gain greater efficiencies and increase productivity.