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What Is a Factor-Driven Economy

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What is a factor-driven economy?


Definitions:

Adds Value

The process of enhancing a product or service before offering it to customers, increasing its desirability and worth.

Cross-training

A strategy where employees are trained in multiple skills or job functions to increase versatility and flexibility within the workforce.

Improve Flexibility

Refers to the ability of a system or operation to adapt to changes or variations in conditions, demand, or the environment.

Total Production Streamlining

An approach aimed at enhancing manufacturing efficiency by systematically reducing waste and improving production processes.

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