Input Chain Management Is the Managing of the Network of Facilities

question 124

True/False

Input chain management is the managing of the network of facilities and people that obtain materials from outside the organization, transform them into products, and distribute them to customers.

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Definitions:

Market Price

The current price at which a good or service can be bought or sold, determined by the forces of supply and demand.

Deadweight Loss

A loss of economic efficiency that can occur when the free market equilibrium for a good or a service is not achieved.

Under Production

A situation where less is produced than could be achieved with the available resources, often leading to inefficiencies and unmet demand.

Consumer Surplus

The gap between the price consumers are prepared to pay for a product or service and the actual amount they spend on it.