The Layout Process Consists Of

question 12

Multiple Choice

The layout process consists of:

• A) arranging individual pieces of equipment into functional areas.
• B) arranging the functional areas into part of the operation.
• C) arranging the functional areas into the entire operation.
• D) both A and B.
• E) both A and C.

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Definitions:

Medium of Exchange

Any item that is widely accepted in exchange for goods and services, thus facilitating trade by eliminating the need for a double coincidence of wants.

Inflation Rate

The percentage rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling.

Velocity of Money

The rate at which money circulates in the economy, often used to gauge the health and vitality of economic activity.

Velocity of Money

The rate at which money is exchanged in an economy, highlighting how frequently a unit of currency circulates in a given time period.