Use the Following to Answer Questions: Table: GoodsClassification
Shirt
Rainfall

question 89

Essay

Use the following to answer questions: Table: GoodsClassification
Shirt
Rainfall
Smog Reduction
PlayStation Controller
Cable TV
National Defense
Baltimore Aquarium
Chewing Gum
Your Economics Textbook
Free Public Library
Your Teacher's Open Office Hours
Pen
Free Public Bus Service
-(Table: Goods Classification) Refer to the table. Classify the goods in the table into the four classifications provided. $$\begin{array} { | l | l } \hline \text { a. } & \text { private goods } \\\hline \text { b. } & \text { public goods } \\\hline \text { c. } & \text { common resources } \\\hline \text { d. } & \text { nonrival private goods } \\\hline\end{array}$$

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Definitions:

Inventory

The total amount of goods and/or materials contained in a store or factory at any given time.

Inventory Management

The practice of ordering, storing, tracking, and controlling inventory to ensure an adequate supply without excessive oversupply or loss.

Just-In-Time Approach

A production strategy that strives to improve a business's return on investment by reducing in-process inventory and associated carrying costs by receiving goods only as they are needed in the production process.