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Standardization Refers to the Extent to Which There Is Absence

question 69

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Standardization refers to the extent to which there is absence of variety in a product, service, or process.


Definitions:

Economics

The social science concerned with the production, distribution, and consumption of goods and services.

Price Received

The amount of money a seller gets after the sale of a product or service, accounting for discounts, taxes, and additional charges.

Resources Used

The total inputs, including raw materials, labor, and capital, that are consumed in the production of goods and services.

Capital

Assets such as machinery, buildings, or technology used in the production of goods and services.

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