Flexible Manufacturing,sometimes Called Lean Production,combines Advanced Technology with Innovative Management

question 14

True/False

Flexible manufacturing,sometimes called lean production,combines advanced technology with innovative management methods,using highly trained employees who take a painstaking approach to problem solving at every stage of the production process to cut waste and improve quality and productivity.

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Definitions:

Marginal Cost

The extra expense resulting from the production of a single additional product or service unit.

Fixed Cost

Fixed costs are business expenses that remain unchanged regardless of the level of production or sales, such as rent, salaries, and insurance premiums.

Output

The cumulative sum of products and services generated by an economy.

Average Fixed Cost

The set expenses associated with production (not influenced by production scale) distributed over the number of items produced.