Monday, 13 May 2024, 5:58 PM
Site: Bcom International Supply Chain Management
Course: Bcom International Supply Chain Management (IMM)
Glossary: SCS Glossary
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Price ControlPrice control exists where a government or agency intervention in the form of floors or ceilings in the free market. |
Price DiscriminationPrice discrimination exists when firms charge different sectors different prices for the same good or service, not attributable to cost differences. |
Price Elasticity of DemandPrice elasticity of demand refers to the sensitivity of the quantity demanded to a change in the price of a product. |
Price StabilityPrice stability is a macroeconomic objective which aims to keep inflation at a low and stable level. |
Price TakerPrice taker is a company or consumer who has no influence on the market price. |
Prime CostsPrime costs – sum of direct materials and direct labour. |
Private CostsPrivate costs are costs borne by an individual firm. |
PrivatisationPrivatisation refers to transferring ownership of assets and resources from the government to the private sector. |
Processa collective term
referring to the logical sequence of steps to achieve an objective |
Process RefinementRefinements are small changes or additions that you make to something in order to improve it. Refinement is the process of making refinements. |