At a retirement party, a coworker described terry as dedicated, hardworking, and dependable. he also said that terry was a great leader, knew the computer system, and kept the company’s finances in order. what career did terry most likely have? manufacturing production process development maintenance, installation, and repair logistics and inventory control health, safety, and environmental assurance

Logistics and Inventory Control

Logistics is managing various supply, production, and delivery chains which requires being dependable and hardworking. Inventory is often managed via computer and requires strong financial and data management skills.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

answer; work samples;