Material Requirements Planning and Electronic Data Interchange Are Elements Of

question 27

Multiple Choice

Material requirements planning and electronic data interchange are elements of:

• A) just-in-time inventory control.
• B) value analysis.
• C) total quality management.
• D) vendor analysis.
• E) life-cycle costing.

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Definitions:

Economic Rent

The excess payment made for a factor of production over its opportunity cost.

Total Supply

The total amount of a product or service available for purchase at any given price point.

Henry George

A 19th-century economist known for his belief that people should own the value they produce but that land and natural resources should belong to the community.

Economic Rent

Extra income generated because of ownership of a scarce resource or possession of a unique skill or capability.