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Discuss the difference between the instrumental approach and social contract approach.
Economical
Pertaining to efficient resource usage or offering good value for money.
Inventory Turnover
A ratio showing how many times a company's inventory is sold and replaced over a certain period of time, indicating the efficiency of inventory management.
Holding Cost Rate
The expense incurred for storing unsold goods, including warehousing, insurance, and spoilage costs.
Economical
Characterized by efficiency and avoidance of waste; making prudent use of resources.
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