A Flexible Manufacturing System Is

question 115

Multiple Choice

A flexible manufacturing system is:

• A) based on the use of temporary and part-time employees as well as outsourcing.
• B) a computer-controlled process that is used to produce a variety of products in moderate, flexible quantities with a minimum of manual intervention.
• C) based on a 360-degree view of the company's relationships with customers.
• D) a system that identifies "the one best way" to produce each product in the company's line.

Understand the application of promissory estoppel in agreement enforcement.

Analyze the impact of preexisting duties on the enforceability of new agreements.

Interpret the legal consequences of agreements under statutes of limitations.

Discern the application of specific legal doctrines to scenarios involving personal commitments and contracts.

---

Definitions:

Economic Growth

The increase in the production and consumption of goods and services, leading to an improvement in the standard of living over time.

Production Possibility Frontier

A curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources), embodying the principle of opportunity costs.

Opportunity Cost

Bypassing potential gains from a range of alternatives by finalizing one choice.

Production Possibility Frontier

A curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources), representing the trade-offs of producing one good over another.