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One of the business revolutions of the 1980s is "just in time" inventory, a system where businesses estimate their requirements for raw materials and keep no more on hand than is necessary to complete that period's production. What affect did the change to "just in time" inventory have on short-term supply elasticities?
Trade Deficit
A situation that occurs when a country imports more goods and services than it exports, resulting in a negative balance of trade.
Billions
A numerical value equal to one thousand million (1,000,000,000) in the short scale used by most English-speaking countries.
Selling Abroad
The act of marketing and selling products or services outside one's own country.
New Beetle
A compact car model introduced by Volkswagen in 1997, serving as the modern interpretation of the original Volkswagen Beetle.
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