Rank the Following in Terms of Their Contribution to Industrialization

question 22

Essay

Rank the following in terms of their contribution to industrialization: cotton gin, principle of interchangeable parts, the Erie Canal, and the development of the railroads in the North and West. Justify your ranking.

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Definitions:

JIT Suppliers

Suppliers that adhere to Just-In-Time manufacturing principles, delivering materials and components exactly when needed, minimizing inventory costs.

Holding Cost

The cost associated with keeping inventory in storage, including expenses such as warehousing, insurance, and spoilage.

Product Storage

The act of keeping goods or materials in a designated space until they are needed for usage or sale.

Waste

Unwanted or unusable materials, substances, or by-products produced through human activity or industrial processes.