What is the management of all the activities involved in creating value by producing goods and services and distributing them to customers?

• Overall management

• Financial management

• Human resource management

• Operations management

What is producing output or achieving a goal at the lowest possible cost?

• Productivity

• Efficiency

• Profitability

• Effectiveness

What is using resources to create value by providing customers with goods and services that offer a better relationship between price and perceived benefits?

• Efficiency

• Value

• Benefit

• Effectiveness

What do we call products that are tangible?

• Ideas

• Services

• Goods

• Experiences

What are durable goods?

• Goods that are expected to last three years or longer

• Goods that are consumed within a day

• Goods that are only used for decoration

• Goods that are always perishable

What are three examples of durable goods given in the textbook?

• Bread, Milk, Eggs

• Furniture, Cars, Appliances

• Soap, Shampoo, Toothpaste

• Paper, Pencils, Erasers

What are nondurable goods?

• Products that are not perishable

• Products that are long lasting

• Products that are used up quickly and are often perishable

• None of the answers

What are three examples of nondurable goods given in the textbook?

• Toothpaste, Apples, Paper towels

• Refrigerators, Cars, Washing machines

• Laptops, Televisions, Smartphones

• Furniture, Bicycles, Books

What do we call products that are intangible?

• Durable

• Goods

• Services

• Assets

What are three examples of services given in the textbook?

• Legal advice, Entertainment, Medical care

• Car manufacturing, Farming, Mining

• Book publishing, Road construction, Oil drilling

• Furniture making, Automobile assembly, Textile production