1) “the reduction of production costs that is a result of making and selling goods in large quantities, for example, the ability to buy large amounts of materials at reduced prices.” a) Supply chain b) Economy of scales c) factory gate pricing 2) "an offer for goods/services that follows a request for a quotation made by the local government, for example." a) Stock b) Tender c) Share 3) "the system of people and things that are involved in getting a product from the place where it is made to the person who buys it." a) Retailer b) Procurement c) Supply chain 4) "goods that are bought and stored when extra is available, and sold when there is not enough to control their price and quantity in the economy" a) Buffer stock b) Factory gate pricing c) Lead time 5) "a company that sells goods to the public in stores and on the internet, rather than to stores, other businesses," a) Retailer b) Wholesaler c) Procurement 6) "the purchasing of goods required to run an enterprise." a) Customer Order Cycle Time b) JIT c) Procurement 7) "the period to produce and supply a product." a) Lead time b) Customer Order Cycle Time c) JIT (just in time) 8) "the act of filling something up again by replacing what has been used" a) Reduction b) Replenishment c) Depletion

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