Thursday, 16 May 2024, 7:37 AM
Site: Bcom International Supply Chain Management
Course: Bcom International Supply Chain Management (IMM)
Glossary: SCS Glossary
Circular FlowCircular flow refers to the flow of money between households and firms in one direction and the flow of goods and services in the opposite direction. |
Consumer SpendingConsumer spending refers to the spending by households. |
Division of LabourDivision of labour is when workers are divided into tasks as part of a continual production process according to their skills, example a labourer who works on a production line. |
EntrepreneurshipEntrepreneurship refers to the skill that people who open and own a business possess. The act of opening a business. |
ExportsExports refer to goods that are sold outside a country’s borders. |
Factor MarketFactor market is a market where factors of production are traded, example the labour market. |
Factors of ProductionFactors of production refer to the resources needed to carry out production, example labour. |
Financial SectorFinancial sector refers to intermediaries through which funds are channelled from surplus units to deficit units, example banks. |
FirmsFirms refer to all forms of business ownership, including informal businesses. |
FlowFlow is a variable that has time dimension, i.e. it occurs over a period of time. |