_____________________________ Describes the System and Its Controls and Is the Means

question 23

Short Answer

_____________________________ describes the system and its controls and is the means of communicating the essential elements of the computerized processing system to current and potential users.

---

Definitions:

Economic Profit

The difference between the total revenue earned by a business and the total opportunity costs of all resources used in production.

Competitive

Relating to or characterized by rivalry among sellers in a market, aiming to increase sales, market share, and customer loyalty by offering better terms.

Maximum

The highest or greatest possible amount or degree of something.

Long-Run Equilibrium

A state in which all factors of production and inputs in a market are fully adjusted to any economic changes, showing no tendency for further adjustment.