________ Is the Business Philosophy and a Strategy of Manufacturing

question 172

Multiple Choice

________ is the business philosophy and a strategy of manufacturing without waste.

• A)ISO 9001
• B)Lean thinking
• C)TQM
• D)Thin manufacturing

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Definitions:

Consumer Surplus

The contrast between the total price consumers are willing to pay for a good or service and the actual amount paid.

Equilibrium Point

In economics, it refers to the state where market supply equals demand, resulting in a stable price and quantity.

S And D Curves

Supply and Demand curves; graphical representations of the relationship between the quantities of goods and services that producers are willing to sell and consumers are willing to buy at various prices.

Producer Surplus

The difference between what producers are willing to accept for a good or service versus what they actually receive, due to higher market prices.