The Inventory Control Method That Uses a Targeted Service Level

question 74

Multiple Choice

The inventory control method that uses a targeted service level allowing for the variability of supply and demand is the:

• A)ABC method.
• B)economic order quantity.
• C)just-in-time inventory system.
• D)statistical inventory control.

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Definitions:

Markets

Places or systems in which parties engage in the exchange of goods, services, or information, driven by supply and demand.

Circular-Flow Diagram

A graphical representation illustrating the flow of funds among households, companies, and the government within an economy.

Factors Of Production

Inputs necessary for the creation of goods and services, including labor, land, capital, and entrepreneurship.

Circular-Flow Diagram

A visual model of the economy that shows how dollars flow through markets among households and firms, illustrating the interactions between key sectors of the economy.