To Reduce Inventory Management Costs,many Companies Use a System Called

question 77

Multiple Choice

To reduce inventory management costs,many companies use a system called ,which involves carrying only small inventories of parts or merchandise,often only enough for a few days of operation.

• A)logistics management
• B)value chain management
• C)supply chain management
• D)enterprise resource planning
• E)just in time (JIT)

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Definitions:

Long-Run Aggregate Supply Curve

A graphical representation showing the relationship between the price level and the quantity of output that can be produced in the economy in the long run, assuming all resources are fully employed.

Capital Stock

The total representation of a company's or country's machinery, buildings, and other physical assets used in production.

Price Level

A measure of the average prices of goods and services in the economy, often compared over time to assess inflation or deflation.

Long-Run Aggregate Supply Curve

A vertical line representing the real output of goods and services that an economy can produce when it is fully employed, regardless of the level of demand.