_________ Is a Cycle of Repetition in Which a Company

question 42

Short Answer

_________ is a cycle of repetition in which a company tests a prototype of a new product or service,improves on the design,and then builds and tests the improved product or service prototype.

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Definitions:

Copper Ore

A natural mineral formation containing copper in sufficient concentration to make its economic extraction feasible.

Comparative Advantage

A concept in economics where a country can produce a particular good or service at a lower opportunity cost than its trading partners.

Labor-Intensive

Describing a process or industry that requires a large amount of labor to produce goods or services compared to the amount of capital used.

Labor-Abundant

Referring to a country or region that has a large supply of labor relative to capital.