The Deming Prize Is Awarded to Individuals and Groups Who

question 36

Multiple Choice

The Deming Prize is awarded to individuals and groups who have contributed to the field of ________.

• A) lean manufacturing
• B) quality control
• C) sales management
• D) just-in-time production
• E) strategic planning

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Definitions:

Wage-Price Flexibility

The ability of wages and prices to adjust freely in response to changes in supply and demand in the labor and goods markets.

Say's Law

An economic theory that proposes supply creates its own demand, suggesting that producing goods and services will in turn generate sufficient demand for those goods and services.

Paradox Of Thrift

An economic theory suggesting that personal savings can be detrimental to overall economic growth if everyone saves more and spends less, leading to decreased aggregate demand.

American Economy

The economic system of the United States, characterized by a mixed economy that supports free market activities.