The Use of Quick Response Inventory Planning,electronic Data Interchange,and Logistics

question 38

Multiple Choice

The use of quick response inventory planning,electronic data interchange,and logistics planning by supermarkets is referred to as _____.

• A)supermarket logistics
• B)efficient inventory management
• C)efficient consumer response
• D)effective inventory management

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Definitions:

Industrialized

Pertains to countries or regions that have developed complex and diverse economies with extensive industrial activity as compared to agriculture or primary production.

Scarcity

Refers to the basic economic problem of having seemingly unlimited human wants in a world of limited resources.

Economics

The social science that studies the production, distribution, and consumption of goods and services.

Physical Capital

Assets owned by a business that are tangible and can be used in the production process, such as machinery, buildings, and equipment.