Another Common Term for Contract Manufacturing Is Outsourcing

question 11

True/False

Another common term for contract manufacturing is outsourcing.

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Definitions:

Meager Wages

Very low remuneration for work that often does not suffice for basic living expenses.

Economic System

Refers to the structure and methods by which a society manages and allocates its resources, including how goods and services are produced, distributed, and consumed.

Marketplace

A venue (physical or digital) where buyers and sellers interact to exchange goods, services, or information.

Efficient Allocation

This refers to the optimal distribution of resources among competing uses to achieve the best output or outcomes, efficiency in production, and welfare.