You Have Been Using the _____ Aspect of the Categorization

question 26

Multiple Choice

You have been using the _____ aspect of the categorization part of the perception process.

• A) cognitive representation
• B) labeling
• C) stereotyping
• D) organization

Understand the concept of the value chain and its analysis to improve efficiency and effectiveness in operations.

Understand the basic principles and terminologies of economics such as marginal cost, opportunity cost, and efficient markets.

Distinguish between microeconomics and macroeconomics, including their areas of study and questions they address.

Recognize the importance of economics in making informed citizenship decisions.

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Definitions:

Stocks

Financial instruments representing ownership shares in a company, allowing investors a claim on part of the company's profits.

Just-in-time Inventory System

A strategy to increase efficiency and decrease waste by receiving goods only as they are needed in the production process.

Operations Activities

Tasks and processes involved in the production, management, and delivery of goods and services in a business.

Production

the process of creating goods or services by combining various resources like labor, materials, and technology, intended for sale or use.