The Discussion of the Business Enterprise System in the Business

question 29

Multiple Choice

The discussion of the business enterprise system in the Business and Society class today was stimulating.John argued that the Canadian government should apply a _________ model whereby economic decision making is left to those individuals or enterprises who own the means of production.

• A) capitalism
• B) free enterprise
• C) laissez-faire capitalism
• D) responsible enterprise
• E) stakeholder capitalism

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Definitions:

Inventory Control

The process of determining how many supplies and goods are needed and keeping track of quantities on hand, where each item is, and who is responsible for it.

Physical Distribution

All the activities necessary to move products from producers to customers—inventory control, transportation, warehousing, and materials handling.

Transportation

The shipment of products to buyers.

Warehousing

The design and operation of facilities to receive, store, and ship products.