supply chains

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1. what is procurement?

  • the act of finding and buying things that a business need from outside the business.
  • profit that is put back into the business
  • range of different products a business sells.
  • business that sells products to consumers
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2. what is meant by a just-in-time (JIT) production method?

  • input arrives and outputs are produced just when they are needed.
  • comes just in case
  • get deliveries every single day.

3. what is e-commerce?

  • buying or selling a product using an electronic system such as the internet
  • buying or selling products using smart phones or similar handheld devices

4. what is efficiency?

  • how well a business uses its resources to produce products
  • how good and fast a product is produced

5. drawbacks of job production?

  • long time to produce, less to sell, saleable??
  • standardised, cheaper, increase product range
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