One of the Business Revolutions of the 1980s Is "Just

question 50

Essay

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?

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Definitions:

Ethical Practices

Actions and behaviors that are considered morally right and good, often guided by personal, cultural, or societal standards of conduct.

Patient Data

Information related to health, medical history, and treatment details of individuals under medical care, crucial for diagnosis, treatment, and healthcare planning.

Four Ps

A marketing mix model that consists of product, price, place, and promotion, utilized by businesses to meet customer needs and reach marketing objectives.

Marketing

The business process of creating relationships with and satisfying customers through a value exchange.