JIT Is Often Mistakenly Assumed to

question 105

Multiple Choice

JIT is often mistakenly assumed to

• A) refer to the final assembly schedule only
• B) dictate the product standards specification
• C) refer to only just-in-time manufacturing
• D) be a core element of ISO 9000 requirements
• E) be driven by the finance department long range spending plan

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Definitions:

Equilibrium

The state in which market supply and demand balance each other, resulting in stable prices.

Normal Goods

Goods for which demand increases when consumer income rises, and decreases when consumer income falls.

Consumption

The use of goods and services by households or individuals, constituting one of the primary components of an economy's aggregate demand.

Consumer Preferences

The inclinations or choices of individuals or groups regarding various goods and services that reflect taste, convenience, affordability, and other factors.