Just-In-Time Inventorys Often Referred to

question 43

Multiple Choice

Just-in-time inventorys often referred to

• A) supply-chain management
• B) as lean manufacturing because waste of "fat" is minimized.
• C) operations management.
• D) as custom manufacturing.

Know the appeals process for decisions made by administrative law judges.

Identify various types of orders and actions by administrative agencies, such as subpoenas and rule-making procedures.

Recognize the functions and affiliations of federal executive agencies within government departments.

Understand the internal operations and rule types within agencies, specifically procedural rules.

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Definitions:

Relatively Elastic

Describes a situation in which the quantity demanded of a good or service changes significantly due to a change in its price.

Time Interval

A specific duration or period between two points or events in time.

Substitutes

Substitutes are goods or services that can replace each other in usage, providing consumers with alternative choices when purchasing.

Price-Elastic

Descriptive of demand that is highly sensitive to changes in price, meaning a small price change can cause a significant change in the quantity demanded.