Electronic Data Interchange (EDI)enables _____ Inventory Systems,which Rely on Computer-To-Computer

question 40

Multiple Choice

Electronic data interchange (EDI) enables _____ inventory systems,which rely on computer-to-computer data exchange to minimize unnecessary inventory.

• A) CRM (customer relationship management)
• B) EPOD (electronic proof of delivery)
• C) JIT (just-in-time)
• D) RFID (radio frequency identification)

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Definitions:

Budget Constraints

The limitations on the consumption choices of individuals or organizations due to limited resources.

Substitution Effect

The economic principle that as prices rise or incomes decrease, consumers will replace more expensive items with less costly alternatives.

Budget Constraints

The limitations on the consumption bundles that a consumer can afford based on their income and the prices of goods and services.

Law of Demand

The principle that, all other factors being equal, as the price of a product decreases, the quantity demanded of the product will increase, and vice versa.