Economics: Tertiary Sector and Production

The primary goal of production is to maximize profits.

Geographical locations are not considered a factor of production.

Entrepreneurship is a type of physical capital.

Financial capital is only used for investment purposes.

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

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

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

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

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

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

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

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

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

Brand awareness is not an outcome of effective sales efforts.

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

Revenue is generated through marketing efforts, not sales.

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

B2C sales involve selling products or services to other businesses.

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

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

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

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

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

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

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

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

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

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

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

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