Activities Involved in Creating a Product and That Which Controls

question 14

Multiple Choice

Activities involved in creating a product and that which controls the transmission of physical materials through the value chain,from procurement through production and into distribution,is called:

• A)production and logistics.
• B)manufacturing and production.
• C)development and promotion.
• D)trade sourcing and control.

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Definitions:

Gross Domestic Product

The total market value of all final goods and services produced within a country in a given period of time, typically annually.

Inventories

Raw materials, work-in-progress goods, and completely finished products that companies hold to facilitate business operations.

Intermediate Goods

Products that are used as inputs in the production of other goods or services rather than being bought by consumers.

Final Output

The total value of all goods and services produced and sold for final use in the economy, avoiding duplication by excluding intermediate goods.