Value Is Created When

question 9

Multiple Choice

Value is created when

• A)the price that the customer is willing to pay for a product exceeds the firm's direct cost of production.
• B)the surplus of value is distributed between customers and producers in the industry by the forces of competition.
• C)the value of a product to consumers is more than they paid for it.
• D)the price that the customer is willing to pay for a product exceeds the firm's cost.

Recognize how income distribution changes over time and the effects of life events on income mobility.

Analyze factors contributing to poverty, including education, employment, and family dynamics.

Describe the role of government transfer payments and social insurance programs in addressing poverty and inequality.

Examine the impact of demographic factors and policy decisions on poverty rates and income inequality.

---

Definitions:

Team Process

The sequence of actions, interactions, and methods used by a team to achieve its goals and objectives.

Working Relationships

Professional connections between individuals in a work environment that facilitate collaboration and the achievement of common goals.

Inputs into Outputs

The process of transforming resources, information, or efforts into finished goods or desired results.

Product Outputs

The final products, goods, or services produced by a company or organization as a result of its business operations.