The Just-In-Time (JIT) System Is A(n)

question 56

Multiple Choice

The just-in-time (JIT) system is a(n) :

• A) management system of people and procedures to fulfill all delivery deadlines.
• B) production system of small-lot manufacturing to reduce work-in-process inventory.
• C) materials management system for removing all inventories.
• D) integrated system of managing resources, information, and decision processes to eliminate waste.

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Definitions:

Maximum Employment

A situation in which all available labor resources are being used in the most economically efficient way, one of the goals of economic policy.

Quantity Theory of Money

This economic theory posits that the general price level of goods and services is directly proportional to the amount of money in circulation.

Velocity of Money

The rate at which money circulates in the economy, typically measured as the ratio of GDP to the money supply.

Money in Circulation

The total amount of money, including cash and coins, that is in active use and circulating within an economy.