The Just- In- Time (JIT) System Is A(n)

question 76

Multiple Choice

The just- in- time (JIT) system is a(n)

• A) management system of people and procedures to fulfill all delivery deadlines.
• B) integrated system of managing resources, information, and decision processes to eliminate waste.
• C) materials management system for removing all inventories.
• D) production system of small- lot manufacturing to reduce work- in- process inventory.

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Definitions:

Aggregate Income

The total income received by all factors of production in an economy during a given period, including wages, rents, and profits.

Aggregate Income

The total income earned by all individuals or entities in an economy, including wages, profits, rents, and investment earnings.

Consumption Function

An economic equation that links the total consumption to the gross national income.

Consumption Function

An economic formula representing the relationship between total consumption and gross national income, predicting consumer spending behavior.