A College Student Is Thinking About Running an Ice-Cream Truck

question 58

Multiple Choice

A college student is thinking about running an ice-cream truck over the summer.Which of the following would likely be included in the total cost of the business?

• A)The cost of ice cream cones
• B)The cost of the truck
• C)The cost of gasoline
• D)All of these would be included in total cost.

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Definitions:

Direct Trade-Off

A situation in decision making where increasing one benefit requires the concurrent decrease of another benefit, illustrating the need to balance competing values or priorities.

Labor Intensive

A type of business or manufacturing process that requires a high amount of human labor as opposed to automated machinery or technology.

Flowcharts

Diagrammatic representations used to illustrate the sequential steps involved in a process or system.

Empowerment

The process of granting individuals or groups the power and autonomy to make decisions, take action, and contribute to organizational goals.