The Ability to Produce a Wide Range of Products or Services

question 46

Multiple Choice

The ability to produce a wide range of products or services is:

• A)mix flexibility.
• B)changeover flexibility.
• C)volume flexibility.
• D)run flexibility.

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Definitions:

Equity

The concept of fairness or justice within the economy that deals with the distribution of wealth and resources.

Trade

The exchange of goods, services, or both within and between countries.

Specialize

To focus on a particular area of production or work, allowing for increased efficiency and expertise in that area.

Scarcity of Resources

The fundamental economic problem of having seemingly unlimited human wants in a world with limited resources.