Resources That Flow Through the Circular Flow Model Include All

question 87

Multiple Choice

Resources that flow through the circular flow model include all of the following except :

• A) land.
• B) labor.
• C) capital.
• D) final goods.

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Definitions:

Level Schedules

Production planning method that maintains a consistent output rate or workforce level, avoiding fluctuations in response to changing demand.

Shigeo Shingo

A Japanese industrial engineer known for his influential work in the Toyota Production System and the development of lean manufacturing principles.

Inventory Is Evil

A principle in lean manufacturing and just-in-time (JIT) production that highlights the drawbacks of holding excess inventory, including high costs and potential wastage.

Setup Cost

A financial amount charged for the initial work to configure, prepare, or adjust machinery or equipment for a production run.