Examlex
What is the chief objective of supply-chain management? How is it accomplished?
Goods
Items or products that are produced to satisfy wants or needs of consumers. Goods can be tangible, like food and cars, or intangible, like services.
Services
Intangible and non-physical goods provided by individuals or companies, such as healthcare, education, and financial consulting.
Total Product
The total quantity of output produced by a firm or economy as a result of its production process.
Marginal Product
The additional output that is produced by adding one more unit of a factor, such as labor or capital.
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