OM Chapter 1
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The creation of goods and services.
Activities that relates to the creation of goods and services through the transformation of inputs to outputs.
The application of planning organizing, staffing, leading, and controlling to the achievement of objectives
Economic activities that typically produce an intangible product (such as education, entertainment, lodging, government, financial, and healthcare services).
The segment of the economy that includes trade, financial, lodging, education, legal, medical, and other professional occupation.
The ratio of outputs (goods and services) divided by one or more inputs (such as labor, capital, or management).
Indicates the ration of one resource (input) to the goods and services produced (outputs).
Indicates the ratio of many or at resources (inputs) to the goods and services produced (outputs).
The three factors critical to productivity improvement- labor, capital, and the are and science of management.
A society in which much of the labor force has migrated from manual work to work based on knowledge.
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