Saturday, 18 May 2024, 7:29 PM
Site: Bcom International Supply Chain Management
Course: Bcom International Supply Chain Management (IMM)
Glossary: SCS Glossary
Admin User
Shift of the Supply CurveShift of the supply curve refers to moving an entire supply curve to a new position. |
Short runShort run is a situation where some factors (or at least one) are fixed and some are variable. |
Shut Down RuleShut down rule states that a firm should only produce if average revenue (AR) is equal to or greater than average variable cost (AVC), i.e. where average fixed costs (AFC) are covered. |
Skillthe ability to do something well.
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Social and Political EffectsSocial and political effects refer to the societal dissatisfaction between sectors of the economy as a result of inflation and the resultant political choices people make. |
Social CostsSocial costs are costs borne by society at large, even those who are not involved in the production or purchasing of the products, e.g. pollution. |
Social ResponsibilityThe responsibility of an organization for the impacts of its decisions and activities (products, services and processes) on society and the environment, through transparent and ethical behaviour that: • contributes to sustainable development, including health and welfare of society; • takes account of the stakeholders’ expectations; • is in compliance with the applicable law and consistent with international norms of behaviour; and • is integrated throughout the organization and practiced in its relationships. |
Social ScienceSocial science is a science that examines humans in the environment, example psychology. |
South African Reserve BankSouth African reserve bank is the main financial institute in SA. |
SpecialisationSpecialisation refers to being successful and skilled in an area of business, example an accountant. |