Trade Increases Production Partly by Taking Advantage Of

question 9

Multiple Choice

Trade increases production partly by taking advantage of:

• A) specialization.
• B) mercantilism.
• C) idealism.
• D) internalization.

Recognize the importance of quality control costs in a lean environment.

Identify the application of lean practices to service industries and administrative processes.

Understand the principles and objectives of lean manufacturing.

Recognize the differences between lean and traditional manufacturing environments.

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Definitions:

Employee Overtime

Extra hours worked beyond the standard workweek, often compensated at a higher pay rate according to labor laws and agreements.

Technological Innovation

The process of developing and applying new technologies to create value or solve problems.

Outsourcing

The business practice of hiring a third party to perform services, handle operations or provide goods that are either cost-prohibitive or not within the company's core competencies.

Employment At Will

A legal doctrine in some jurisdictions that allows an employer to terminate employees at any time for any reason, except an illegal one, or for no reason without incurring legal liability.