How Has Technological Innovation Affected the Globalization of Production

question 56

Multiple Choice

How has technological innovation affected the globalization of production?

• A)The real costs of information processing and communication have increased in the past two decades.
• B)The effective and efficient execution of a digitized work process remains limited to developed countries.
• C)It makes it possible for a firm to create and then manage a globally dispersed production system.
• D)It helps domestic businesses gain a sustainable competitive advantage over multinational firms.

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Definitions:

Explicit Costs

Direct financial payments made to acquire resources or services for business operations.

Total Economic Costs

The sum of explicit and implicit costs representing the total resources expended in the production of goods or services.

Entrepreneur's Talent

The unique set of skills, creativity, and vision that an entrepreneur brings to identifying and exploiting new business opportunities.

3-D Printers

Machines that create three-dimensional objects by layering material according to digital models, used in manufacturing, medicine, and more.