The Fundamental Idea Behind TPS,or Just-In-Time Production Developed by Toyota,is

question 120

Short Answer

The fundamental idea behind TPS,or just-in-time production developed by Toyota,is respect for customers and employees,where __________________ are empowered to the best products and services with minimum waste.

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Definitions:

Inelastic Demand

A situation where the demand for a good or service changes very little in response to changes in price.

Cournot Model

A model of oligopoly in which firms choose their output levels simultaneously, assuming the output of the rivals as given, to maximize their own profit.

Collude

To come to a secret understanding for a harmful purpose; conspiracy between firms to fix prices or otherwise restrict competition.

Tacit Collusion

A situation where firms in a market understand each other's behaviors and outcomes without direct communication, leading to a form of non-competitive equilibrium.