When All Levels of Management and Workers Are Actively Involved

question 5

Short Answer

When all levels of management and workers are actively involved in process management and in achieving lean practices,it is known as ________.

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Definitions:

Economic Profits

Profits calculated by subtracting both explicit and implicit costs from total revenues, indicating the total financial gain.

Accounting Profits

The net income for a company after all expenses, taxes, and costs have been subtracted from total revenue.

Economic Profits

The excess of total revenue over total cost, including both explicit and implicit costs, indicating the efficiency of resource utilization beyond breakeven.

Perfectly Competitive

A market structure characterized by many buyers and sellers, free entry and exit, and a homogenous product, leading to price taking behaviour.