Absolute AdvantageAbsolute advantage exists where a country can produce a good or service with less effort or resources than another country. |
Academiaa collective term referring to the community of teachers and students in higher education. |
Academic Essayan extensive piece written around a specific
academic concept |
Academic LiteracyAcademic literacy is the ability to write and read about academic subjects. The ability to gather information, process information and understand the information in a post-secondary education environment The skills of academic literacy can be applied in the classroom, assignments and exams. The goal is to equip students with the ability to summarize, compare, contrast, create ideas and analyse information from a wide variety of sources.
|
Accommodation PolicyAccommodation policy refers to the SARB as lender of last resort. The SARB holds Repo auctions where banks can borrow money against assets such as Government Bonds, Land Bank Bills and Reserve Bank debentures. |
AccountingAccounting – the system/process of gathering, analysing, recording, reporting and interpreting financial information. |
Accounting CostsAccounting costs are explicit costs only. |
Accounting ProfitAccounting profit is total revenue minus explicit costs where TR > explicit costs. |
Accrual BasisAccrual basis – all the income earned and expenses incurred are recorded in the period to which they relate and not when cash is received or paid. |
AccruedAccrued – arrears, owing or outstanding |
AcquisitionThe takeover of one entity by another. |
Activity Based CostingActivity-based costing is a costing method that identifies activities in an organization and assigns the cost of each activity to all products and services according to the actual consumption by each. Therefore this model assigns more indirect costs into direct costs compared to conventional costing. |
Allocative EfficiencyAllocative efficiency exists when resources cannot be reallocated without making at least one person better off without making another worse off. |
AppreciationAppreciation is where the value of a currency increases compared to another currency without interference. |
Approach and Sales Presentation MethodsThe sales approach and presentation techniques are vital not only to the success of the sale, but to building long-term relationships with customers. The sales approach starts when the salesperson first comes into contact with the buyer, when the actual discussion about the product or service begins. The sales presentation is when the salesperson uses an actual presentation, which could be by speaking or by using visual demonstrations to highlight how the product or service will be of benefit to the customer. The goal of the sales presentation is to sell the product or service to the prospect. |
ArgumentArgument - a coherent line of reasoning. |
Assemble to Order (ATO)A production environment where a large number of end products (based on the selection of options and accessories) may be assembled from com-mon components. The key items used to produce the final product, up to the sub-assembly level, are planned and usually kept in inventory in anticipation of a customer order. |
AssetAsset – a resource controlled by an entity, resulting from past event and from which future economic benefits are expected to flow to the entity. |
AutarkyAutarky exists when a country closes its borders to international trade. |
Average Cost (AC) or (ATC)Average cost (AC) or (ATC) are total costs incurred per item produced. |
Average Fixed Costs (AFC)Average fixed costs (AFC) are fixed costs per item produced. |
Average Product (AP)Average product (AP) is the number of items produced per worker. |
Average Revenue (AR)Average revenue (AR) is revenue per item sold. |
Average Variable Costs (AVC)Average variable costs (AVC) are variable costs per item produced. |