"How Well a Company Does What It Says It's Going

question 29

Multiple Choice

"How well a company does what it says it's going to do" represents ___________.

• A)efficiency
• B)productivity
• C)leading edge logistics
• D)effectiveness

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Definitions:

Production System

The combination of inputs, processes, and outputs that creates goods or services in an organized manner.

Labor Inputs

The quantity of labor used in the production process, often measured in hours worked or number of employees.

Decreasing Returns

A situation in which adding more of one factor of production, while holding others constant, will yield progressively smaller increases in output.

Factor of Production

An input used in the production of goods or services, such as land, labor, capital, and entrepreneurship.