________ Are Applications Written by Third-Party Vendors That Are Used

question 12

Multiple Choice

________ are applications written by third-party vendors that are used by many different users and organizations.

• A) Packaged software
• B) Custom software
• C) Bespoke software
• D) Personalized software
• E) Tailored software

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Definitions:

Comparative Advantage

The capability of a nation or business to manufacture a specific product or offer a service at a lesser opportunity cost compared to its rivals.

Opportunity Cost

The expenditure experienced from not picking the immediate runner-up selection during a choice process.

Economies of Scale

The cost advantage achieved when production becomes efficient, leading to a decrease in the per-unit cost as the volume of production increases.

Autarky

A situation where a country or economy operates in total self-sufficiency, without engaging in international trade.