Friday, 29 March 2024, 1:31 PM
Site: Bcom International Supply Chain Management
Course: Bcom International Supply Chain Management (IMM)
Glossary: SCS Glossary
A

Average Cost (AC) or (ATC)

Average cost (AC) or (ATC) are total costs incurred per item produced.

Average Fixed Costs (AFC)

Average fixed costs (AFC) are fixed costs per item produced.

Average Product (AP)

Average product (AP) is the number of items produced per worker.

Average Revenue (AR)

Average revenue (AR) is revenue per item sold.

Average Variable Costs (AVC)

Average variable costs (AVC) are variable costs per item produced.
B

Balance of Payments

Balance of payments is a statistical account that records all transactions relating to the flow of goods, services and funds across international boundaries.

Balance of Payments Stability

Balance of payments stability refers to the macroeconomic objective of having stability regarding exports and imports.

Bank Supervision

Bank supervision is the regulation of commercial and other banks.

Basic Prices

Basic prices are used when calculating GDP using the production or expenditure methods. Basic prices include indirect taxes on production such as payroll taxes, but exclude subsidies on production such as gold mining subsidies.

Basic Relationship

At the basic stage, neither party feels particularly committed to the relationship. The business is based on a simple exchange of money for goods and services supplied. There is no extra value received or perceived by the buyer, and the supplier is aware of this.