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Discuss the function of a bar code reader and bar codes.
Inventory Turnover Rate
A measure of how quickly a company sells and replaces its stock of goods within a given period, indicating the efficiency of its inventory management.
Opportunity Cost
The expense associated with foregoing the next most favorable option when a choice is made.
Restrictive Policy
Policies or conditions imposed by lending institutions or governments that limit certain activities or operations to reduce risk.
Just-in-time
A production strategy that aims to reduce in-process inventory and associated carrying costs by producing goods only as they are needed in the production process.
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