E19-9 Listed below are several terms relating to the modern business environment. Complete the following statements with one of these terms. You may use a term more than once, and some terms may not be used at all. E-commerce Expected value JIT Future Future value North American Free Trade Agreement (NAFTA) Present Present value Shift to service economy Throughput time TQM

a. To account for uncertainty in the amounts of future costs and benefits, we com- pute the by multiplying the probability of each outcome by the dollar value of that outcome.

b. To make a cost-benefit decision today, we must find the that are incurred in the future. of the costs and benefits

c. The goal of is to delight customers by providing them with superior products and services by eliminating defects and waste throughout the value chain.

d. Most of the costs of adopting JIT, expanding into a foreign market, or improving quality are incurred in the but most of the benefits occur in the

e. is the time between buying raw materials and selling the finished products.

f. The main purpose of is to loosen trade restrictions and promote trade among the United States, Canada, and Mexico. g. Firms adopt to conduct business on the Internet.