A(n)________ System Is Used to Provide Management with Needed Information

question 69

Multiple Choice

A(n) ________ system is used to provide management with needed information on a regular basis.

• A)data entry
• B)management information
• C)expert
• D)artificial intelligence
• E)database

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Definitions:

Resources

Land, labor, capital, and entrepreneurial ability used to produce goods and services.

Comparative Advantage

The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than competitors, leading to specialized production and trade.

Absolute Advantage

A situation in which a country, individual, or company can produce a good at a lower cost per unit than competitors.

Opportunity Cost

The price paid for not choosing the second-best option during decision-making.