In mechanical engineering, the Taguchi quality control method focuses on design and development to create efficient and reliable products.
Its founder, Genichi Taguchi, considers design to be more important than the manufacturing process in quality control and seeks to eliminate production deviations before they can occur.
Companies such as Toyota, Ford, Boeing and Xerox have adopted this method.
“Best Effort” is a legal term that represents the obligation of a party to a contract to take all possible steps to fulfill the terms of the agreement.
Disequilibrium is when external forces cause an imbalance between supply and demand in the market. In response, the market enters a state in which supply and demand do not match.
Economic equilibrium is a state in which market forces are balanced, a concept borrowed from the physical sciences, where observable physical forces can balance each other.
An economist is an expert who studies the relationship between a society’s resources and its production or output, using a number of different indicators to predict future trends.
A trade-off between equity and efficiency arises when there is some conflict between maximizing net economic efficiency and achieving other social goals.