A Technological Advance Can Lead to A(n)__________ in Supply

question 22

Short Answer

A technological advance can lead to a(n)__________ in supply.

Understand how sales, gross margin, and net operating income influence an organization's financial performance.

Recognize the distinction between profit centers, investment centers, and cost centers.

Evaluate the use and implications of various performance measures including ROI, residual income, and turnover.

Analyze the impact of decision-making on ROI and residual income.

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Definitions:

Economy's Productivity

A measure of how efficiently goods and services are produced within an economy, typically quantified as output per unit of labor input.

Determinants

Factors or variables that cause changes in an economic model's behavior or outcomes.

Standards Of Living

The degree of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or a certain geographic area.

Vast Oil Reserves

Large accumulations of underground oil that can be commercially extracted.