______________________________ Management Is the Combination of Processes and Procedures Used

question 18

Short Answer

______________________________ management is the combination of processes and procedures used to ensure the delivery of goods and services to customers at the lowest cost while providing the highest value to the customer.

---

Definitions:

Maximizing Profit

The procedure a business uses to establish the optimal price and amount of production for the highest profit.

Total Profit

The total financial gain generated from a business activity after subtracting all expenses and costs associated with producing and selling goods or services.

Break-Even Point

The financial point at which the costs of producing and selling a product equal the revenue made from selling the product, resulting in neither profit nor loss.

Market Supply

The total amount of a specific good or service that is available to consumers in a market at all possible prices.