Explain How JIT Works in Services

question 65

Essay

Explain how JIT works in services. After all, how does "small lot size" and "reduce setup cost" make sense in services?
Supply examples to support your work.

Identify factors affecting the cost of capital and the decision to use debt or equity financing.

Understand the economic policies that contributed to the recovery from the Great Depression.

Identify and describe the role of automatic stabilizers in the economy.

Comprehend the perspectives of classical and Keynesian economists on the economy.

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Definitions:

Milgram Experiment

A psychological experiment conducted by Stanley Milgram in the 1960s to study obedience to authority, where participants were instructed to administer electric shocks to another person.

Stanford University Prison Experiment

A psychological study conducted by Philip Zimbardo in 1971 at Stanford University, where students were assigned roles of prisoners and guards to explore the effects of perceived power.

Generalization

Drawing a conclusion about a certain characteristic of a population based on a sample from it.

Logical Support

The provision of reasons or evidence to justify a claim or argument.