All of the Following Are Skills or Resources That Foster

question 61

Multiple Choice

All of the following are skills or resources that foster rapid response (speed) EXCEPT:

• A) Process engineering skills
• B) Excellent inbound and outbound logistics
• C) High level of automation
• D) Creative talent and flair

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Definitions:

Opportunity Cost

The worth of the best alternative given up as a consequence of a decision made.

Competitive Market System

An economic system where many buyers and sellers interact in the marketplace, with the forces of supply and demand determining prices and output levels.

Innovation

Innovation is the process of translating an idea or invention into a good or service that creates value or for which customers will pay.

Economic Profits

Profits in excess of what is considered normal or expected, considering both explicit and implicit costs.