Thursday, 16 May 2024, 8:26 PM
Site: Bcom International Supply Chain Management
Course: Bcom International Supply Chain Management (IMM)
Glossary: SCS Glossary
Inverse RelationshipInverse (negative) relationship shows two variables which are causally linked increasing or decreasing in opposite directions. |
MacroeconomicsMacroeconomics is the study of global or national aggregates, example inflation. |
MeansMeans are resources or inputs used in the production process, example natural resources. |
MicroeconomicsMicroeconomics is the study of individual entities in the economy, example a firm. |
NeedsNeeds are goods and services people cannot do without, example water. |
Non-durable GoodsNon-durable goods are goods that have a single use, example food. |
Normative SciencesNormative sciences are sciences based on subjective opinion, example politics. |
Opportunity CostOpportunity cost is the cost of the next best alternative given up, or not chosen. |
Positive SciencesPositive sciences are sciences based on objective fact, example chemistry. |
Production Possibilities CurveProduction possibilities curve is a graphical representation of the maximum possible production possibilities of a community or country. |