Thursday, 2 May 2024, 3:44 PM
Site: Bcom International Supply Chain Management
Course: Bcom International Supply Chain Management (IMM)
Glossary: SCS Glossary
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Total Revenue (TR)Total revenue (TR) is the total income received through the sale of goods. |
Total Variable Costs (TVC)Total variable costs (TVC) are costs that are incurred by variable factors of production. These costs vary with the number of items produced. |
Trade BalanceTrade balance equals merchandise exports – merchandise imports + net gold exports. |
Trade PolicyTrade policy is the indirect intervention by government to affect the volume or price of exports and imports. |
Trade-OffA trade-off is a situational decision that involves diminishing or losing one quality, quantity, or property of a set or design in return for gains in other aspects. In simple terms, a tradeoff is where one thing increases, and another must decrease. |
Transaction CostsCosts required for gathering information, negotiating, and enforcing contracts, letters of credit and transactions. Often referred to as the cost of doing business. |
Transfer PaymentsTransfer payments are one way money flows from the government, example child grants. |
TranshipmentThis involves the transfer of goods from one carrier to another and/or from one mode to the other. |
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UnemploymentUnemployment refers to those people who are willing and able to work, i.e. they are potentially active, but cannot find a job. |
Unitary Elastic DemandUnitary elastic demand exists when the change in the price is matched by an equally proportional change in quantity demanded. |