The Entire Sequence of Activities That Add Value to a Company's

question 191

Multiple Choice

The entire sequence of activities that add value to a company's products and services is called ________.

• A) the value chain
• B) the planning process
• C) TQM production chain
• D) Enterprise Resource Planning

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Definitions:

Investment

The allocation of resources, usually money, into something with the expectation of generating income or profit in the future.

Capital

Assets used in the production of goods and services, such as machinery, buildings, or tools.

Production Efficiency

A situation where the economy is utilizing all of its resources efficiently, producing what people want at the lowest possible cost.

Production Possibility Frontier

Describes the maximum possible output combinations of two goods or services an economy can achieve when all resources are fully and efficiently utilized.