The Identification and Elimination of Activities That Fail to Add

question 122

Multiple Choice

The identification and elimination of activities that fail to add value refers to

• A) external failures.
• B) activity reduction.
• C) internal failures.
• D) activity elimination.

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Definitions:

Creative Destruction

The hypothesis that the creation of new products and production methods destroys the market power of existing monopolies.

Dominant Firms

Companies that have a major share of sales in a specific market, significantly influencing that market's dynamics.

New Firms

Newly established businesses entering the market, often bringing innovation or increasing competition in their industry segment.

Creative Destruction

A concept in economics where new innovation leads to the obliteration of older industries or ways of doing things, driving economic development.