List and Briefly Define the Eight Types of Waste (Or

question 16

Essay

List and briefly define the eight types of waste (or muda) that often occur in firms which must be eliminated in implementing lean systems.

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Definitions:

Price Floor

A government-imposed limit on how low a price can be charged for a product, meant to ensure fair compensation for producers.

Rent Control

A government policy or law that limits the amount landlords can charge for leasing a home or apartment, with the aim to keep housing affordable for tenants.

Housing Shortages

A situation in a housing market where the demand for homes exceeds the supply, leading to increased prices and decreased affordability.

Price Floor

A government- or authority-imposed minimum price that can be charged for a good or service to prevent prices from dropping too low.