Hyo Runs an Ice Cream Store with Her Family

question 30

Multiple Choice

Hyo runs an ice cream store with her family. Which of the following activities is a part of their procurement process?

• A) Recording their daily sales revenue
• B) Sending an order to their sugar supplier
• C) Making the ice cream
• D) Setting up an employee schedule
• E) Taking an order for an ice cream cake

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Definitions:

Profit-Maximizing

The process businesses follow aiming to achieve the highest possible profits by adjusting production levels, pricing, and other operational factors.

Least-Cost Combination

An economic principle where firms seek to minimize their costs of production by using the most efficient combination of resources.

Inputs

The inputs including workforce, materials, and financial investment employed in the process of manufacturing products or delivering services.

Marginal Revenue Products

The additional revenue generated by employing one more unit of a factor of production, such as labor or capital.