Final answer:
The process described is procurement, which includes sourcing materials, negotiating, paying, and arranging delivery. This is a part of the larger production and distribution cycle that transforms inputs like labor and raw materials into finished products.The correct answer is option D.
Step-by-step explanation:
The process of sourcing goods and materials, negotiating with suppliers, paying for goods, and making delivery arrangements is called procurement.
This involves several steps that contribute to the production and distribution of goods and services. Production is the transformation of inputs, such as labor, capital, and raw materials, into outputs like goods or services that a firm wishes to sell.
For example, making a pizza involves various factors of production: flour, water, and yeast are used to make dough; tomatoes, spices, and water are used to make sauce; and labor from the pizzaiolo is crucial in assembling and cooking the pizza.
These are considered inputs or resources that are transformed in the production process into a final product.The correct answer is option D.