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Test 1: True or False: 1. 10. Business process outsourcing (3P0) is a business practice where the organization contracts with an external service provider to perform an essential specic task. It could not be the delegation of one or more lT-intensive business processes to an external provider that, in turn, owns, administrates and manages the selected processes based on defined and measurable performance metrics. Horizontal offerings are functions specific that could cut across industries and vertical offerings are service functions specific to one industry. Fundamental to business sustainability is its ability to minimize initially costs and sufficiently to lead in the market to maintain market dominance and presence. By outsourcing core and administrative functions, companies can reallocate time and resources to core competencies like Customer relations and product leadership, which ultimately results in advantages over competing businesses in their industry. The prevailing assumption as to why firms outsource is that there is a vibrant and dynamic competition among firms in the industry and a projected expansion of industries as a consequence of technology and growth caused by growing demand. The market is divided into two equally powerful groops of economic agents the price and the cost. For money market. the demand side includes the firms and investors and the supply side composes the individual depositors. The demand side D, has factors that affect them. independent from the factors affecting demand. Primarily, the factors are those that essentially create costs. There are five factors of production land. labor, Kapital, entrepreneurial skills and foreign exchange. All these constitute costs as they are all bought and combined when firms want to decide how much or how many of the products they should offer in the market. The reasons for demand function sloping downward can be traced from the assumption that the buyer is a utility maximizing individual and that he/she maximizes utility given a fixed income for varying prices, or given varying incomes for fixed prices. Test 2: Enumeration 1 2 3 4. 5. 6 7' 8 9 10. Factors of production include _ The variables analysed in a demand function are _ The variables analysed in a supply function are _ The fixed inputs include __ The variable inputs include The two time runs considered in production are # The variables analysed in total production trends are The two derived variables of total production are_ Examples of kapital could be In macroeconomics. markets are widely classed as