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A minimum wage creates a shortage of workers.
Processing Cost
The expenses incurred during the transformation of raw materials into finished products, including labor, materials, and overhead.
Lead Time Demand
Lead time demand represents the total quantity of a product that is demanded by the market during the period it takes to replenish inventory, critical for effective inventory management.
Safety Inventory
Additional stock that is maintained to act as a safeguard against supply and demand uncertainties, ensuring product availability.
Holding Cost
The expenses incurred to store inventory, including warehousing, insurance, and depreciation, until the goods are sold or used.
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