ECONOMICS

Detailed explanation-1: -Not keeping track of inventory levels can lead to stock out of popular items during a sudden surge in demand. This can happen due to peak season or other external factors. Having sufficient stock is crucial. A business that has a reputation for running out of stock frequently will struggle to reach its full potential.

Detailed explanation-2: -Inventory management and inventory control are similar but have different focuses. Inventory management handles forecasting and ordering stock. Inventory control, also known as stock control, is a part of inventory management that handles the stock on-hand.

Detailed explanation-3: -Selling goods that you produce yourself, to order, can allow you to operate with no inventory. You can take as few or as many orders as you want, making sure that you do not need to keep any goods in stock.

Detailed explanation-4: -The primary role of an inventory system is to track your products and supplies. An effective system keeps records of when you purchased inventory, when you sold it and how much you have on hand. It also tells you the location of your inventory.