The Process That Includes the Concept of Providing a Product

question 10

Multiple Choice

The process that includes the concept of providing a product or service only when a customer wants it is termed:_____________.

• A) Lean
• B) Benchmarking
• C) Downsizing
• D) Six Sigma

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Definitions:

Moral Hazard

The situation in which one party takes additional risks because they know they will not bear the full consequences of their actions.

Adverse Selection

A situation where sellers have more information than buyers, leading to high-quality goods and services being squeezed out of the market because they cannot be adequately priced.

Private Information

Information that some people have, but others do not.

Economic Decisions

Choices made by individuals, businesses, or governments involving the allocation of resources to satisfy their needs and desires.