If a business retains someone to provide services, that person may either be an employee or be self-employed (i.e., independent contractor).
Definitions:
Average Inventory
The mean amount of inventory a business has in stock over a certain period, calculated to assess inventory efficiency.
Flow Time
The total time a product or service takes to move through a production system, from start to finish.
Commodity Products
Goods that are essentially interchangeable with others of the same type, often traded on bulk markets.
Quantity Discounts
Price reductions based on the volume of purchase, incentivizing buyers to purchase larger amounts by offering lower per-unit prices at higher volumes.
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