Define a two-bin system. Multiple choice question. It specifies the amount of risk of incurring a stockout that a firm is willing to incur. It is a system in which the inventory of an item is stored in two different locations. It is a method of estimating the impact of changing the number of locations on the quantity of inventory held. It is a model used to determine the order size for a one-time purchase.

It is a system in which the inventory of an item is stored in two different locations.

Explanation:

Two-bin inventory control is a system in which it measures the items when they are used for production and then could be replenished. Here the items that should be in first bin should be depleted and there is an order for refill or replacing. And, then the second bin should have sufficient items till the order of first bin arrived

So as per the given situation, the above statement should be considered

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know