Final answer:
Inventory management, particularly the just-in-time (JIT) system, controls the flow of production to ensure that goods are produced or obtained in the right amounts at the necessary times, coordinating with the modern economy’s complex demand and supply cycles.
Step-by-step explanation:
The system that controls the flow of production or parts so that they are produced or obtained in the needed amounts at the needed times is known as inventory management or more specifically, a type of inventory strategy called just-in-time (JIT) inventory system. This approach minimizes inventory and costs by receiving goods only as they are needed in the production process, thereby reducing inventory costs. This method requires precise forecasting and coordination between suppliers and the production process.
In a modern economy, the coordination and organization of the production and supply of goods and services, such as the example provided with televisions, are often managed by companies through supply chain management. These companies utilize various inventory management strategies, of which JIT is an example, to ensure that the right number of goods are produced and that the right number of employees are working to meet demand efficiently. This careful balance ensures that products such as televisions are produced in optimal quantities and at times that align with consumer demand.