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Explain the structure of the circular flow model.
Economic Order Quantity Model
A formula used in inventory management to determine the optimal order size that minimizes total inventory costs.
Holding Cost
The expenses associated with keeping inventory in stock, such as storage, insurance, and spoilage costs.
Economic Order Quantity
A formula used to determine the most cost-effective quantity to order, balancing ordering costs with holding costs.
EOQ
Economic Order Quantity, a formula used in inventory management to determine the optimal order size that minimizes total costs of inventory holding and ordering.
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