The Goal of a JIT System Is

question 10

Multiple Choice

The goal of a JIT system is

• A) creating the firm's product in the least amount of time.
• B) improving the firm's profitability.
• C) creating an appropriate strategic plan.
• D) developing best practices for quality improvement.

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Definitions:

Service

An intangible act or use for which a consumer, firm, or government is willing to pay.

Good

An item or service that satisfies a want or need and is available for sale or exchange in the market.

Maximizing Utility

The economic principle that individuals or firms seek to achieve the highest level of satisfaction or benefit from their choices.

Marginal Utility

The increased enjoyment or value gained by a consumer from consuming an extra unit of a good or service.