Final answer:
FIFO means that the oldest products are used or sold first, which is a strategy to reduce waste and manage inventory effectively, making the original statement false.
Step-by-step explanation:
The statement 'The First-In, First-Out (FIFO) system means that newer products are used first before they are fresher' is false. FIFO is an inventory management system where the oldest products are sold or used first, not the newer ones. This system helps prevent old stock from becoming obsolete or spoiled, particularly for perishable items like agricultural products. By selling the older inventory first, businesses can reduce waste and manage the inventory more efficiently. FIFO is also important in non-perishable industries where products are constantly being improved and upgraded. Selling older technologies first ensures that the new products and technologies give a company an advantage in the market.