In Constructing Models, Economists Must

question 80

Multiple Choice

In constructing models, economists must:

• A)employ simplifying assumptions
• B)include as much detail as possible
• C)use very complex mathematical equations
• D)use very large datasets

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Definitions:

Just-In-Time (JIT) Scheduling

Minimises inventory by routing materials to workstations ‘just in time’ to be used.

Timely Basis

Performing or completing tasks within an appropriate or specified period to achieve desired outcomes.

Workstation

A specific area equipped with the necessary tools and technology for an individual to perform their job tasks.

Supply Chain Management

The management of the flow of goods and services, involving the movement and storage of raw materials, of work-in-process inventory, and of finished goods from point of origin to point of consumption.