Mckenzie Williams
11/27/2023 · Middle School
3n inventory account typically consists of four separate categories: mention them ( 2 points) .4 Explain the term "Just-in-Time Management" ( 2 points) 1.5 The product life cycle presents two major challenges. firstly, a firm must be good at developing new products to replace aging ones. Secondly a firm must be good at ...... ( 2 points) 1.6 Describe the term price elasticity? ( 2 points)
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### 3n Inventory Account Categories
1. Raw Materials
2. Work-in-Progress (WIP)
3. Finished Goods
4. Maintenance, Repair, and Operations (MRO) Supplies
### Just-in-Time Management
A strategy to reduce inventory and waste by receiving goods as needed in the production process.
### Product Life Cycle Challenges
1. Developing new products to replace aging ones.
2. Managing the decline of existing products effectively.
### Price Elasticity
A measure of how quantity demanded changes with price changes. Elastic demand is sensitive to price changes, while inelastic demand is less sensitive.
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