The Philosophy That Centers on Production as Needed Is Known

question 158

Multiple Choice

The philosophy that centers on production as needed is known as

• A)Supply-chain management.
• B)TQM.
• C)ERP.
• D)JIT.

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Definitions:

Supply Curve Shift

A change in the supply curve, indicating a change in the quantity supplied at each price.

Producer Surplus

The division in value between what producers are inclined to take for a product or service and the payoff they ultimately secure.

New Producers

Entities or individuals that have recently entered a market to offer goods or services.

Producer Surplus

The difference between the amount producers are willing to sell a good for and the actual amount received from the sale, indicating the benefit to producers.