The Advantage of a Just-In-Time (JIT) System Is That There

question 4

True/False

The advantage of a just-in-time (JIT) system is that there are huge savings in costs relating to the holding of inventory as JIT companies never hold inventories of any description.

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Definitions:

GDP Statistics

Quantitative data that measure the output of a country's economy, indicating economic health and progress by tracking changes in gross domestic product over time.

Standard of Living

A level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class in a certain geographic area.

Technological Improvements

Advances in technology that enhance productivity, efficiency, or quality in goods and services.

Long Run

In economics, the Long Run is a period during which all factors of production and costs are variable, allowing for full industry adjustment to changes.