The Process of Planning,implementing,and Controlling the Flow of Goods,services,and Information

question 3

Multiple Choice

The process of planning,implementing,and controlling the flow of goods,services,and information between the point of origin and the point of consumption in order to meet customer requirements is called

• A)marketing.
• B)production.
• C)operations.
• D)the supply chain.
• E)logistics.

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Definitions:

Pareto Optimum

An economic state where resources are allocated in a manner that precludes the possibility of bettering one's situation without causing harm to another.

Desert Island

An uninhabited or deserted island, often depicted in literature and movies as a remote, isolated place.

Competitive Equilibrium

A market state where supply equals demand, and no economic agents have the incentive to change their behavior.

Utility Function

A mathematical representation of how a consumer ranks different bundles of goods according to the level of satisfaction or happiness they provide.