An approach to managing inventories and production operations such that units of materials and products are obtained and provided only as they are needed is called: Multiple Choice Continuous improvement. Customer orientation. Just-in-time manufacturing. Theory of constraints. Total quality management.

Just-in-time manufacturing.

Explanation:

A Just in Time (JIT)  is a  manufacturing  control system in which no materials are purchased and no products are manufactured until they are needed.

A primary goal of the JIT production system is to eliminate inventories at every stage of production from raw materials to finished goods.

Raw materials are purchased only when need at some stage of production. Finished Goods are manufactured only as needed to fill customers orders.

Tremendous cost savings have been realized by many companies that have adopted the JIT approach.

answer; planning;

answer; no individual buyer or seller has any significant impact on the market price;