For JIT/lean Companies,certification of Suppliers Using a System Such as ISO

question 8

True/False

For JIT/lean companies,certification of suppliers using a system such as ISO 9001 provides a cost effective alternative to having to develop close supplier relationships.

Identify when a tax on goods is likely to be effective in both reducing consumption and generating revenue.

Understand that the impact of a tax on consumption can depend on the availability of substitutes.

Know the distinction between price elastic and price inelastic demand.

Understand the conditions under which a tax might not reduce consumption of a good.

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Definitions:

Income Security

A social welfare concept ensuring individuals have a basic level of income to cover essential needs.

Social Security

A government program that provides financial assistance to individuals during retirement, disability, or upon the death of a spouse or parent.

Discretionary Spending

This refers to the portion of government spending that is decided through the annual appropriations process, covering non-essential services that do not include mandatory spending like Social Security and Medicare.

Federal Spending

involves the financial expenditures of the federal government, including spending on defense, education, public services, and social welfare.