A System Change That Results in an Improved Product or Service

question 5

Multiple Choice

A system change that results in an improved product or service and helps lower costs provided a(n)

• A) competitive advantage.
• B) improved business process.
• C) productivity gain.
• D) technological change.

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Definitions:

Skilled Workers

Employees who have specialized training, expertise, knowledge, and abilities in their fields of work.

Aggregate Demand

The overall requirement for every good and service in an economy, measured at a particular price level and within a designated timeframe.

Long-Run Aggregate Supply Curve

A visual representation depicting an economy’s potential output when all resources are fully employed, irrespective of the overall price level.

Civil War

An armed conflict between organized groups within the same state or country, often aimed at controlling the government, territory, or policy.