When an earthquake occurred in California, a studio was filming a number of movies. In addition to the physical damage the studio sustained, the studio was forced to delay or cancel release of some films. The profits lost because of delay or cancellation illustrate:

Since the late 1980s, the growing emergence of freer markets has been powered by the realization that ________

A) economic growth is directly related to economic freedom B) economic growth has a limited effect on the standard of living C) adoption of free market principles contributes to social injustices D) centrally planned economies are best designed to deliver progress

Components or parts of finished products are referred to as

A) upstream materials. B) raw materials. C) secondary products. D) intermediate products. E) mid-chain products.