A(n) ___ Is a Specific Sequence of Activities That Transforms

question 90

Multiple Choice

A(n) ___ is a specific sequence of activities that transforms raw materials into a finished good or service.

• A) service chain
• B) value chain
• C) activities system
• D) procurement plan
• E) distribution plan

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Definitions:

Prices

The amount of money required to purchase goods or services, serving as the consideration for the value of the goods or services being exchanged.

Supply and Demand

Supply and demand is a fundamental economic model that explains the interaction between the sellers of a resource and the buyers for that resource, determining its price and quantity in a market.

Allocation of Resources

The process of assigning available resources, or factors of production, to specific uses chosen among many possible and competing alternatives.

Productivity

The assessment of how effectively a person, machine, factory, or system can transform inputs into valuable outputs.