What Are the Four Principles of Total Quality Management

question 153

Essay

What are the four principles of total quality management?

---

Definitions:

Computer Components

The physical parts or elements of a computer system, like the CPU, RAM, and hard drive.

Monopsony Buyer

A market condition where there is only one buyer for many sellers, giving the buyer significant control over prices.

Marginal Expenditure

The increase in cost that arises when buying an added unit of a product or service.

Average Expenditure

The average amount spent per unit of a good or service.