__________ Refers to the Operation Through Which a Business or Non-Profit

question 207

Multiple Choice

__________ refers to the operation through which a business or non-profit organization can add value to the original cost of resource inputs while the business organization earns a profit or the non-profit organization adds wealth to society.

• A)Production
• B)Resource management
• C)Value creation
• D)Operations management
• E)Resource utilization

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Definitions:

Derived Demand

Demand for a product or service that arises from the demand for another product or service, such as the demand for steel being derived from the demand for cars.

Home Permits

Refers to the official approvals or licenses issued by local government agencies allowing for the construction, renovation, or major alteration of a house or residential building.

Resellers

Businesses that purchase products from manufacturers or wholesalers and then sell them to consumers or other businesses.

Reseller

Marketing intermediary that resells manufactured products without significantly altering their form.