MATCHING Complete the Following Using the Terms Listed

question 63

Multiple Choice

MATCHING
Complete the following using the terms listed.
-The use of resources to convert materials into goods and services is known as _____.

• A)production
• B)computer-aided design (CAD)
• C)quality control
• D)production and operations management
• E)inventory control
• F)quality
• G)computer-aided manufacturing (CAM)
• H)benchmarking
• I)utility
• J)production control
• K)materials requirement planning
• L)make,buy,or lease decision
• M)just-in-time (JIT)system

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Definitions:

Benefits

Advantages or monetary assistance received from employment, government, or insurance.

Economic Thinking

The process of evaluating decisions based on costs, benefits, and the impact on resource allocation.

Human Action

The study of human behaviour, particularly in the context of individuals' decisions and actions in the economy.

Rational Choice

A theory in economics and sociology that suggests individuals always make prudent and logical decisions that provide them with the highest amount of personal utility.