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Friday, 17 May 2024, 1:37 AM
Site: Bcom International Supply Chain Management
Course: Bcom International Supply Chain Management (IMM)
Glossary: SCS Glossary

Public Goods

Public goods are provided by the government for everyone to use, example parks.

Resources

Resources are means or inputs used in the production process, example human resources.

Schedule

Schedule is a table.

Semi-durable Goods

Semi-durable goods are goods that can be used repeatedly for a short period of time, example sports equipment.

Services

Services are non-tangible actions, example haircuts.

Social Science

Social science is a science that examines humans in the environment, example psychology.

Wants

Wants are nice-to-haves but are not necessary for survival, example holidays.

Capital

Capital refers to goods / equipment used in the production of other goods, example machinery.

Capital Formation

Capital formation is the process of investing in capital equipment.

Capital Intensive Production

Capital intensive production refers to companies that use more capital equipment than labour, example automation.