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Better Business, 5/e
book

Better Business, 5/e

by Michael R. Solomon, Mary Anne Poatsy, Kendall Martin
January 2017
Intermediate to advanced content levelIntermediate to advanced
500 pages
33h 23m
English
Pearson
Content preview from Better Business, 5/e

Chapter 11 Summary

  1. 11-1 Explain how manufacturing and production are important to the U.S. and global economies.

  • Production is the process of getting a good or a service to the customer; it is a series of related activities, with value being added at each stage. Companies are in business to provide a service or a good to consumers. The more efficiently a company can produce and deliver the product or the service, the greater the profit it will generate.

  • Although the U.S. manufacturing industry has been declining over the years, it still generates a major portion of the U.S. GDP. Moreover, manufacturing uses services and commodities as inputs, so manufacturing is actually responsible for a bigger share of total output.

  • The service industry ...

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Publisher Resources

ISBN: 9780134522746