Operations Management Is Applicable

question 103

Multiple Choice

Operations management is applicable:

• A) mostly to the service sector.
• B) to services exclusively.
• C) mostly to the manufacturing sector.
• D) to all firms, whether manufacturing or service.
• E) to the manufacturing sector exclusively.

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Definitions:

Centrally Planned Economies

Economies in which the government makes all decisions about the production and distribution of goods and services.

Production Targets

Objectives set by a company to manufacture and produce a certain amount of goods within a specific timeframe.

Circular Flow Model

An economic model illustrating the flow of goods, services, and funds between households and firms in an economy.

Resource Market

A market where primary factors of production such as labor, capital, and natural resources are bought and sold.