___________ Is a Set of Generic Standards Used to Document,implement,and

question 62

Multiple Choice

___________ is a set of generic standards used to document,implement,and demonstrate quality management and assurance systems.

• A)Benchmarking
• B)Six Sigma
• C)ISO 9000
• D)ISO 14000

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Definitions:

Comparative Advantage

An economic theory stating that a country or individual can produce goods at a lower opportunity cost than their trade partners, leading to more efficient trade outcomes.

Absolute Advantage

A situation where an entity can produce a good or service more efficiently (using fewer resources) than another entity.

Opportunity Cost

The expense incurred by not choosing the next most favorable option during a decision-making process.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision, a foundational concept in economics that emphasizes the potential benefits that are missed when choosing one option over another.