____________ ERP Components Are the Extra Components That Meet the Organisational

question 51

Short Answer

____________ ERP components are the extra components that meet the organisational needs not covered by the core components and primarily focus on external operations.

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Definitions:

Economic Loss

The difference between the revenues received from the sale of an output and the opportunity cost of the inputs used.

Average Variable Cost

The variable cost per unit of output, obtained by dividing the total variable cost by the total output.

Marginal Cost

The change in total production cost that comes from making or producing one additional unit.

Shut Down

A short-term decision by a firm to cease operations and production when the market price is below its variable costs, to minimize losses.