What Is a Business Process

question 38

Multiple Choice

What is a business process?

• A) The analysis and redesign of workflow within and between enterprises
• B) A standardized set of activities that accomplish as specific task, such as processing a customer's order
• C) Integrates all departments and functions throughout an organization into a single TI system so that employees can make decisions by viewing enterprise-wide information on all business operations
• D) None of the above

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Definitions:

Substitutes

Goods or services that can replace each other in use, where an increase in the price of one leads to an increase in demand for the other.

Industry Supply Curve

A graphical representation showing the relationship between the price of a good and the total output of that good supplied by an industry at various price levels.

Barriers To Entry

Barriers to entry are obstacles that make it difficult for new competitors to enter a market, including high costs, strict regulations, and established brand loyalty.

Market Price

The current price at which an asset or service can be bought or sold in the open market.