MATCHING Complete the Following Using the Terms Listed

question 1

Multiple Choice

MATCHING
Complete the following using the terms listed.
-_____ is the era in business history defined by the collection of activities that build and maintain ongoing,mutually beneficial ties between a business and its customers and other parties.

• A)outsourcing
• B)diversity
• C)entrepreneur
• D)competitive differentiation
• E)private property
• F)capital
• G)vision
• H)factors of production
• I)brand
• J)relationship era
• K)not-for-profit organizations
• L)business ethics

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Definitions:

Input Prices

The cost of resources used in the production of goods or services, such as raw materials, labor, and overhead.

Production Function

A mathematical representation showing the relationship between input factors of production and the output of goods or services.

Lowest Cost

The minimal expense incurred in the production or procurement of goods or services, under efficient conditions.

Output

The quantity of goods or services produced within a given time period.