What Is JIT? What Is the Basic Assumption That Explains

question 25

Essay

What is JIT? What is the basic assumption that explains the use of JIT? List four benefits associated with the use of JIT. Are there any disadvantages associated with JIT?

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Definitions:

Peaches

A type of fruit with a distinctive sweet taste, fuzzy skin, and a pit or stone in the center.

Lemons

A term that describes a product of significantly lower quality than what has been claimed, especially in the context of used vehicles.

Moral Hazard

Arises when one party to a contract changes behavior in response to that contract and thus passes on the costs of that behavior change to the other party.

Driving Precautions

Safety measures and best practices followed to prevent accidents and ensure the well-being of all road users while operating a vehicle.