Manufacturing companies normally have three types of inventory: Select one: a. Economy, standard, and deluxe. b. Direct materials, direct labor, and manufacturing overhead. c. Raw materials, work in process, and finished goods. d. Work in process, finished goods, and returned merchandise.

C. Raw materials, work in process, and finished goods.

Explanation:

Inventories are materials which have monetary value, and are assets to a company. An inventory can in the form of RAW MATERIALS (inventories which has not be used or converted in the production process), A WORK IN PROGRESS (materials which are within the production or conversion process, they have been partially transformed but not yet completed) and the FINISHED PRODUCTS ALSO CALLED FINISHED GOODS(materials which has undergone complete Transformation and are ready to be sold to the market).

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

ell really, the setting was in franklin and lincoln visits franklin even after he moved to columbus, and he went to school