The Systematic Application of Scientific Knowledge to a New Product

question 2

Multiple Choice

The systematic application of scientific knowledge to a new product, process, or service is called

• A) Planning.
• B) Organizing.
• C) Technology.
• D) Controlling.
• E) Management.

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Definitions:

U.S. Department Of Labor

A federal agency responsible for ensuring safe work conditions, minimum wage enforcement, unemployment insurance benefits, and other work-related supports and regulations.

GDP Deflator

An economic measure of inflation that adjusts the gross domestic product (GDP) for changes in price levels, reflecting the real economic output.

Consumer Price Index

A measure that examines the weighted average of prices of a basket of consumer goods and services, used as an indicator of inflation.

Inflation Rate

The percentage rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling.