Manufacturers Hold Raw Materials, Components, and Parts

question 115

Multiple Choice

Manufacturers hold raw materials, components, and parts. What are these known as?

• A) processes
• B) inventories
• C) services
• D) goods

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Definitions:

Property Rights

The legal rights to own, use, and dispose of land, buildings, or goods, protected under law.

Economic Profit

The disparity between a company's complete earnings and its aggregate expenses, covering both direct (explicit) and indirect (implicit) costs.

Human Capital

The collective skills, knowledge, and experiences possessed by an individual or population, viewed in terms of their value to an organization or society.

Physical Capital

Physical capital includes tangible assets such as buildings, machinery, and equipment that are used in the production of goods and services.