The First View of Lean Manufacturing Is a Philosophical View

question 45

Multiple Choice

The first view of lean manufacturing is a philosophical view of ________.

• A) strategic planning
• B) waste reduction
• C) inventory control
• D) product development
• E) reengineering

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Definitions:

Elastic

Describing demand or supply that is highly responsive to changes in price, with a percentage change in quantity demanded or supplied that is greater than the percentage change in price.

Tax Liability

The total amount of tax that an individual or entity is legally obligated to pay to a tax authority.

Earned Income Tax Credit

A refundable tax credit for low- to moderate-income working individuals and families, aimed at reducing the tax burden and encouraging work.

Tax Provision

Regulations or measures within tax legislation designed to raise revenue or encourage behaviors that comply with fiscal policy.