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Figure 4-16
-Assume that Figure 4-16 shows the supply of new houses.An improvement in the technology for building houses will shift supply from
Eliminating Waste
The process of removing non-value-adding activities in a business to improve efficiency.
Inventory Levels
Inventory levels refer to the quantity of goods and materials on hand at any given time within a business, which is crucial for meeting customer demand without overstocking.
Lean Manufacturers
Companies that employ strategies to reduce waste and inefficiencies in their production process, maximizing customer value.
High-Quality Materials
Materials that meet strict standards in terms of durability, reliability, and performance, contributing to the production of superior finished goods.
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