The System in Which Raw Materials Are Distributed by Entrepreneurs

question 141

Multiple Choice

The system in which raw materials are distributed by entrepreneurs to homes in which family members process those materials into finished products is referred to as

• A) the factory system.
• B) an apprenticeship.
• C) specialization.
• D) free enterprise.
• E) the domestic system.

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Definitions:

Management By Objectives

A management strategy model designed to enhance an organization's efficiency through the establishment of clear goals mutually agreed upon by both managers and staff.

Staff Planners

Individuals or teams responsible for developing, organizing, and coordinating plans and schedules for the workforce.

Planning Function

An essential management activity that involves setting objectives and determining the best course of action to achieve them.

Benchmarking

The practice of measuring the performance of a company's products, services, or processes against those of another business considered to be the best in the industry.