Which term means 'the buying and reselling of goods that have already been produced'.

• A. Expenditures
• B. Capacity
• C. Procurement
• D. Compentencies

Answer: (C)

Procurement is the process of obtaining goods and services from external sources. It fits the description of “buying and reselling of goods that have already been produced” because it covers acquiring products that were manufactured elsewhere, often to stock for resale or to use in operations. Expenditures describe money spent overall, not the action of obtaining goods. Capacity refers to the maximum output a system can handle, not the purchasing activity. Competencies are the skills and abilities of people or organizations, not the act of acquiring goods. So procurement is the term that best captures the idea of purchasing already-produced goods for use or sale.