The Field of Management That Specialises in the Physical Production

question 108

Multiple Choice

The field of management that specialises in the physical production of goods or services is known as:

• A) engineering management
• B) quantitative management
• C) service management.
• D) production management
• E) operations management

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Definitions:

Organic

Refers to products, especially food or farming methods, that are produced or conducted without the use of synthetic chemicals, fertilizers, or genetically modified organisms.

Profit

The financial gain realized when the amount of revenue gained exceeds the expenses, costs, and taxes involved in sustaining the activity in question.

Long Run Equilibrium

A state in an economy in which all factors of production and inputs can be varied, allowing firms to make adjustments and leading to the normalization of prices and output.

Industry's Adjustment

The process by which industries adapt to changes in economic conditions, technology, or market demands.