Examlex
State the three-fold idea behind simulation.
Derived Demand
The demand for a factor of production or intermediate good that arises from the demand for the final good or service it helps to produce.
Demand For Leather
The desire and willingness of consumers to purchase leather goods at various price levels.
MRP
Material Requirements Planning, a system for calculating materials and scheduling production to ensure that components are available for production and finished goods for delivery.
Wage Rate
The amount of compensation an employee receives in exchange for performing a specific job, typically expressed per hour or year.
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