Just in Time Is Applicable Only to Highly Repetitive Manufacturing

question 44

True/False

Just in time is applicable only to highly repetitive manufacturing operations such as car or residential furnace manufacturing.

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Definitions:

CPI

This index, known as the Consumer Price Index, evaluates the weighted average cost of a collection of goods and services bought by consumers, covering areas like food, medical care, and transportation.

Base Year

A specific year against which economic growth is measured, serving as a benchmark for relative economic data comparisons.

Business Cycle

The cyclical fluctuations in economic activity that an economy experiences over a period of time, including periods of expansion and contraction.

Last Recession

The most recent period of significant decline in economic activity spread across the economy, lasting more than a few months, typically visible in real GDP, real income, employment, industrial production.