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Monday, 29 April 2024, 8:05 PM
Site: Bcom International Supply Chain Management
Course: Bcom International Supply Chain Management (IMM)
Glossary: SCS Glossary

Direct Relationship

Direct (positive) relationship shows two variables which are causally linked increasing or decreasing simultaneously.

Durable Goods

Durable goods are goods that can be used repeatedly, example furniture.

Economic Goods

Economic goods are goods that fetch a price.

Economic Growth

Economic growth refers to an expansion in the productive economy.

Equilibrium

Equilibrium is a state of balance when opposing forces are balanced and there is no incentive for change.

Final Goods

Final goods are bought by the end user or household, example shoes.

Graph

Graph is a visual representation of the relationship between two or more variables.

Heterogeneous Goods

Heterogeneous goods are different in the eyes of the end user.

Homogeneous Goods

Homogeneous goods are exactly the same in the eyes of the end user.

Intermediate Goods

Intermediate goods are inputs into the production of final goods, example nuts and screws.