Which of the Following Statements About Economics Is the Most

question 80

Multiple Choice

Which of the following statements about economics is the most accurate?

• A) It is concerned with predicting business conditions in the future, not with the current state of the stock market.
• B) It is a natural science like biology and chemistry.
• C) It is composed of two main branches known as positive and normative economics.
• D) It is a science concerned with reaching generalizations about human behaviour, not unlike sociology or psychology.

Understand the principles of Just-In-Time (JIT) and how it applies to services.

Distinguish between lean operations and the Toyota Production System (TPS).

Calculate the optimal kanban size and number of kanbans for various scenarios.

Analyze the impact of setup cost and time on production planning.

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Definitions:

Project Costs

Project Costs include all expenses incurred during the execution of a project, including materials, labor, and overhead.

Subjective Approach

A method based on personal opinions, interpretations, points of view, emotions and judgment.

Cost of Capital

The minimum return rate that a company needs to achieve on its investment initiatives to preserve its market valuation and draw in capital.

Risk Level

A measure of the degree of uncertainty and/or potential financial loss inherent in an investment decision.