Economy

Question 1

What is an economy?

Answer 1

A marketplace where goods and services are exchanged using capital.

Question 2

What is market value?

Answer 2

A good or services value in a market.

Question 3

What is value output?

Answer 3

The value of all goods or services of a business in a fiscal year.

Question 4

What does quality mean?

Answer 4

Standard, endurance, price, performance, satisfaction, value, post service/service.

Question 5

What is Quality Control

Answer 5

Checks at the end of production done using feedback or factory inspections. Tis may mean fixes need to be made which can be tricky or expensive.

Question 6

What is quality assurance?

Answer 6

Quality checks at different stages in the production process. Quality becomes duty of employees. Managers are for this. More expensive.

Question 7

What is total quality management?

Answer 7

Continually detecting errors in manufacturing- to streamline supply chain management . Responsibility for all parties. Training all parties to act as a culture for this.

Question 8

What are the similarities and differences between QC + QA?

Answer 8

Both procedures ensure quality is high, difficult/expensive, Done before the product reach customers.

QC is done at the end.QA is done in stages. QC uses employees at forefront while QA relies on all parties.