A management concept based on an understanding of the changing wants and needs of customers, and which leads to flexible product designs and production processes, is called: Multiple Choice Continuous improvement. Customer orientation. Just-in-time. Theory of constraints. Total quality management.

Economic models a. are constructed to mirror reality as closely as possible, and in this respect economic models are no different from other scientific models. b. are constructed to mirror reality as closely as possible, and in this respect economic models are very different from other scientific models. c. are simplifications of reality, and in this respect economic models are no different from other scientific models. d. are simplifications of reality, and in this respect economic models are very different from other scientific models.