JIT Production Systems Usually Call for Very Few Supplies with Single

question 25

True/False

JIT production systems usually call for very few supplies with single or dual sources under long term contracts.

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Definitions:

Unit Of Labor

A measure of labor input, often referred to as one hour of work by an employee or worker.

Law Of Diminishing Returns

An economic principle stating that if one factor of production is increased while others remain constant, the overall marginal returns will eventually decrease.

Average Output

The total output produced divided by the number of units of input, measuring the efficiency or productivity of production.

Diminishing Marginal Returns

The principle that as an additional unit of a factor of production is added to a fixed amount of other factors, the increase in output will eventually decrease.