What Is the Creation of Goods and Services Using the Factors

question 24

Multiple Choice

What is the creation of goods and services using the factors of production including land, labor, capital, entrepreneurship, and knowledge?

• A) Operations Management
• B) Productions Management
• C) Transformation process
• D) Production

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Definitions:

Liability

A legal responsibility or obligation that arises from actions, claims, or debts.

Delegation

The act of transferring responsibility and authority from one person or group to another.

Assignment

An assignment involves the transfer of rights or property from one party to another, typically related to contracts, but also applicable in other legal contexts.

Third-Party Beneficiary

An individual or group that stands to benefit from a contract made between two other parties, even though they are not a direct party to the contract.