Examlex
The central belief of the JIT philosophy is
Competitive Market
A market structure characterized by many buyers and sellers, free entry and exit, and a product for which there are many substitutes.
Profit
The financial gain obtained when the amount earned from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity.
Good
A tangible product or commodity that satisfies human wants or needs.
Resources
An input used to produce economic goods. Land, labor, skills, natural resources, and human-made tools and equipment provide examples. Throughout history, people have struggled to transform available, but limited, resources into things they would like to have—economic goods.
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