Economics: Tertiary Sector and Production
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Questions and Answers

The primary goal of production is to maximize profits.

False

Geographical locations are not considered a factor of production.

False

Entrepreneurship is a type of physical capital.

False

Financial capital is only used for investment purposes.

<p>False</p> Signup and view all the answers

Labor is only responsible for physical efforts in the production process.

<p>False</p> Signup and view all the answers

Capital is essential for the growth and productivity of a business.

<p>True</p> Signup and view all the answers

Continuous production is a process that involves regular breaks in the production cycle.

<p>False</p> Signup and view all the answers

Lean management is primarily focused on achieving significant, revolutionary changes in processes.

<p>False</p> Signup and view all the answers

The primary goal of lean management is to minimize waste and maximize profits.

<p>False</p> Signup and view all the answers

Continuous production is typically used in industries with low demand for standardized products.

<p>False</p> Signup and view all the answers

Identifying value is the last step in the lean management methodology.

<p>False</p> Signup and view all the answers

Lean management is a short-term approach to work that focuses on achieving immediate results.

<p>False</p> Signup and view all the answers

In B2B sales, the sales cycles are typically shorter and the price points are lower.

<p>False</p> Signup and view all the answers

Brand awareness is not an outcome of effective sales efforts.

<p>False</p> Signup and view all the answers

Without effective sales, a business can still survive and thrive.

<p>False</p> Signup and view all the answers

Revenue is generated through marketing efforts, not sales.

<p>False</p> Signup and view all the answers

Sales involves only communicating the value of a product or service.

<p>False</p> Signup and view all the answers

B2C sales involve selling products or services to other businesses.

<p>False</p> Signup and view all the answers

The primary goal of presenting a solution is to focus on the features of the product or service.

<p>False</p> Signup and view all the answers

Addressing concerns involves ignoring potential objections and proceeding with the sales pitch.

<p>False</p> Signup and view all the answers

Securing the deal involves applying pressure on the customer to make a purchase decision.

<p>False</p> Signup and view all the answers

Building rapport and relationships is essential for a successful sales pitch.

<p>True</p> Signup and view all the answers

Active listening involves interrupting the customer and providing quick solutions to their problems.

<p>False</p> Signup and view all the answers

Effective communication in sales involves using complex technical jargon to impress customers.

<p>False</p> Signup and view all the answers

Lean management involves the creation of a push system where new work is started even if there is no demand.

<p>False</p> Signup and view all the answers

The primary goal of lean management is to minimize costs at the expense of productivity and efficiency.

<p>False</p> Signup and view all the answers

Continuous improvement in lean management involves identifying opportunities for worsening workflows.

<p>False</p> Signup and view all the answers

Supply Chain Management only involves the movement of finished goods to customers.

<p>False</p> Signup and view all the answers

Lean management is a static system that does not require continuous improvement.

<p>False</p> Signup and view all the answers

Engaging all employees in continuous improvement is not necessary for protecting the organization from challenges.

<p>False</p> Signup and view all the answers

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