The Tragedy of the Commons Occurs Because

question 351

Multiple Choice

The Tragedy of the Commons occurs because

• A)government property is most heavily used by the wealthy.
• B)everyone deserves an equal share of government property.
• C)social and private incentives differ.
• D)established property rights create competition.

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Definitions:

Safety Stock

Inventory kept on hand to protect against stockouts caused by variations in supply and demand.

Lead Time

The total time that elapses from the initiation of a process or order until its completion, often used in manufacturing and project management to measure efficiency.

Ohno's Seven Wastes

A foundational concept in lean manufacturing, identifying seven types of waste to eliminate: overproduction, waiting, transport, over-processing, inventory, motion, and defects.

Distance Reductions

A strategy aimed at minimizing the distance traveled during manufacturing or supply chain operations to enhance efficiency and reduce costs.