MATCHING Complete the Following Using the Terms Listed

question 53

Multiple Choice

MATCHING
Complete the following using the terms listed.
-The _____ is the first step in a company's production plan.

• A)process layout
• B)LEED certification
• C)Gantt chart
• D)PERT chart
• E)Inventory control
• F)ISO
• G)critical path
• H)Computer-integrated manufacturing
• I)Utility
• J)perpetual inventory
• K)Materials requirement planning
• L)standardization
• M)Routing
• N)assembly line
• O)robot
• P)just-in-time
• Q)benchmarking
• R)synthetic production system
• S)make, buy, or lease decision

---

Definitions:

Income Elasticity

A measure of how much the demand for a product changes with a change in consumers' income.

Completely Inelastic

A situation in which the demand or supply for a good or service is totally unresponsive to price changes.

Inelastic

Describes a condition where the demand or supply for a good or service is not significantly changed by changes in price.

Elastic

Elasticity in economics refers to the responsiveness of demand or supply to changes in price or income.