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A lumber mill takes in logs, turns them into 2 x 4's and other sizes needed for building construction. Wood chips created in the milling process are a(n) ________ that can be sold.
Wage Flexibility
The ability of wages to adjust in response to changes in the economy, such as supply and demand for labor.
Incentive Plans
Reward systems designed to motivate employees by tying a portion of their earnings to their performance or achievement of targets.
Standardized Wages
A policy or practice aimed at ensuring employees performing similar tasks with similar experience levels are paid equally.
American Lean Production
A manufacturing philosophy that focuses on the minimizing waste within manufacturing systems while simultaneously maximizing productivity.
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