5.1 Introduction to OM

Which does not belong in the primary sector?

• Agriculture
• Forestry
• Oil extraction
• Teaching

Which is not a function of business?

• Finance
• Human resource management
• Entrepreneurship
• Operations Management

Which is not a factor of production?

• Services

• Capital

• Entrepreneurship

• Labour

Increasing the value resources during production of goods and services is known as

• Adding value
• Production
• Production function
• Value function

Using natural resources wisely in the short-term so they are available in the long-term, is

• Environmental sustainability
• Ecological sustainability
• Social sustainability
• Economic sustainability

Efficient and profitable asset use over time, without negatively effecting future generations

• Ecological sustainability
• Social sustainability
• Environmental sustainability
• Economic sustainability

Developing processes that meet the needs of its current and future stakeholders 

• Social sustainability
• Environmental sustainability
• Economic sustainability
• Ecological sustainability

Utilities, such as electricity and water, are considered as part of the tertiary sector because

• The government owns them
• These are services being provided
• They are required in the production of goods and services
• These are extracted and not manufactured

Which P does not belong in the Triple Bottom Line

• People

• Product

• Planet

• Profit

Production is

• Manufacturing goods and services in the secondary sector
• Any physical output that has value added
• The process of using factors of production to make products
• The final stage of the manufacturing process