Place the Four Business Functions in the Order They Appear

question 100

Multiple Choice

Place the four business functions in the order they appear along the value chain:

• A)Customer Service, Design, Production, Marketing
• B)Customer Service, Marketing, Production, Design
• C)Design, Production, Marketing, Customer Service
• D)Design, Customer Service, Production, Marketing

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Definitions:

Supply and Demand

Supply and demand is a fundamental economic model that explains the interaction between the sellers of a resource and the buyers for that resource, determining its price and quantity in a market.

Allocation of Resources

The process of assigning available resources, or factors of production, to specific uses chosen among many possible and competing alternatives.

Productivity

The assessment of how effectively a person, machine, factory, or system can transform inputs into valuable outputs.

Labor Input

Refers to the total hours worked or the number of employees engaged in production in the economy.