Cluster Analysis Is a Technique for Dividing Objects into Groups

question 16

True/False

Cluster analysis is a technique for dividing objects into groups based on geographic or economic similarity.

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Definitions:

Tangible Capital

Assets that have a physical form such as machinery, buildings, and land, which are used in the production of goods or services.

Inventory

This term describes the total amount of goods or materials a business has on hand at any given time.

Capital Goods

Assets with a long lifespan that are employed in the creation of goods and services, including machinery, equipment, and buildings.

Economic System

The structure and methods by which a society decides on the allocation of resources and distribution of goods and services.