Examlex
Explain W. Edwards Deming's philosophy of total quality management.
Domestic Price
The price of a good or service within a country; this can be influenced by tariffs, taxes, and supply and demand.
Free Trade
An economic policy that allows imports and exports between countries with minimal or no tariff barriers.
Competition
The rivalry among businesses to attract customers, which can lead to improvements in products, services, and prices.
Efficiency
The optimal allocation of resources to maximize the production of goods and services.
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