The Philosophy That Centers on Production as Needed Is Known

question 64

Multiple Choice

The philosophy that centers on production as needed is known as

• A)supply-chain management.
• B)TQM.
• C)ERP.
• D)JIT.

Understand the purpose and origins of administrative regulations.

Identify characteristics of policy innovations that affect their implementability.

Comprehend the components and analysis involved in the policy implementation systems framework.

Understand the definition and characteristics of liabilities in accounting.

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Definitions:

Marginal Product

The change in output resulting from employing one more unit of a specific input, keeping all other inputs constant.

Bricklayers

Expert craftsmen specialized in using bricks, blocks, and various building materials to build or mend walls, partitions, arches, and additional structural elements.

Equilibrium Market Wage

The equilibrium market wage is the wage rate at which the quantity of labor supplied equals the quantity of labor demanded in a given market.

Demand and Supply

Fundamental economic model that describes how prices are determined in a perfectly competitive market depending on the quantity of a good or service desired by consumers (demand) and the quantity available from suppliers (supply).