Which of the Following Two Areas Does Lean/just-In-Time Production Focus

question 30

Multiple Choice

Which of the following two areas does lean/just-in-time production focus its attention on? I.Cost
II) Quality
III) Variance
IV) Waste

• A)I and III
• B)II and IV
• C)I and II
• D)III and IV

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Definitions:

Market Economy

An economic system where economic decisions and the pricing of goods and services are guided solely by the aggregate interactions of a country's citizens and businesses with minimal government intervention.

Command System

A method of organizing an economy in which property resources are publicly owned and government uses central economic planning to direct and coordinate economic activities; socialism; communism. Compare with market system.

Laissez-faire Capitalism

An economic system where government intervention in business and markets is minimal, and the forces of supply and demand are allowed to regulate the economy.

Central Planning

A system where economic decisions, such as the allocation of resources, are made by the government or a centralized authority.