Lean Systems Try To

question 70

Multiple Choice

Lean systems try to:

• A) produce a product in anticipation of demand.
• B) maximize the value added by each of its activities.
• C) organize production in large lots to minimize the number of setups.
• D) reduce the labor content in all processes.

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Definitions:

Value Of Money

The purchasing power of money, or the amount of goods and services that one unit of money can buy, often influenced by inflation.

Market Outcomes

The results of economic transactions and interactions in a market, including prices and quantities of goods and services traded.

Scarce Resources

Resources that are limited in availability and can run out if not used efficiently, leading to the necessity of making choices on how to allocate them.

Invisible Hand

A metaphor introduced by Adam Smith to describe the self-regulating nature of the marketplace.