INSTRUCTIONS: Choose the Word or Phrase in [ ] That

question 54

Short Answer

INSTRUCTIONS: Choose the word or phrase in [ ] that will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
[ Level premium | Annual renewable ] term policies have become much more popular in recent years.

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Definitions:

Economies of Scale

Refers to the cost advantage achieved when production becomes efficient, as the scale of the output expands, typically resulting in a reduction in average cost per unit through increased production efficiency.

Cycle Inventory

Inventory that turns over regularly in the course of business operations, representing the portion of inventory intended to meet normal demand.

Supply Chain

The network between a company and its suppliers to produce and distribute a specific product to the final buyer.

Cycle Inventory

Inventory maintained to cater to the expected demand of customers over a given cycle time, effectively acting as a buffer to ensure smooth operations.