________ Is a Philosophy of Continuous Improvement of Products and Processes

question 3

Multiple Choice

________ is a philosophy of continuous improvement of products and processes.

• A) Just-in-Time (JIT) Management
• B) Enterprise Resource Planning (ERP)
• C) Supply Chain Management (SCM)
• D) Total Quality Management (TQM)

Explain how specialization and exchange can lead to increased economic efficiency.

Analyze how the distribution of income and the concept of fairness play a role in economic discussions.

Understand how opportunity costs vary among nations and the factors contributing to these differences.

Understand the principle of the law of comparative advantage.

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Definitions:

Customs Trade Partnership Against Terrorism (C-TPAT)

A voluntary supply chain security program led by U.S. Customs and Border Protection, focused on improving the security of private companies' supply chains with respect to terrorism.

U.S. Security Standards

Regulations and guidelines established within the United States to ensure the safety and security of information systems and data.

Compression

The reduction in volume or size of a material or data, often through applying pressure or using encoding techniques to decrease storage or transmission requirements.

Lean Supply Chains

Supply chain management philosophy focused on minimizing waste and enhancing value for the end customer through continuous improvement.