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What are the key economic concepts that pertain to interactions among individuals?
Non-Value-Added Time
Time spent on production or administrative activities that do not contribute to the customer's value perception of the product or service.
ISO 9000 Standards
A set of international standards on quality management and quality assurance developed to help companies effectively document the quality system elements needed to maintain an efficient quality system.
Consumer Products
Goods produced for personal use by consumers, including items like electronics, food, and clothing.
Manufacturing Cycle Efficiency (MCE)
Process (value-added) time as a percentage of throughput time.
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Q23: Distinguish between microeconomics and macroeconomics.
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