Friday, 3 May 2024, 1:58 AM
Site: Bcom International Supply Chain Management
Course: Bcom International Supply Chain Management (IMM)
Glossary: SCS Glossary
I
Incomes PolicyIncomes policy is a measure aimed at reducing inflation by dropping wages and increasing supply. |
Indirect LabourSupervisory staff and maintenance staff’s labour in a production environment cannot be physically traced to a specific product and is therefore regarded as indirect labour. |
Indirect MaterialIndirect material – secondary material used in the conversion process that contributes to the finished product through a manufacturing process. |
Indirect TaxesIndirect taxes are levied on actions, such as the purchasing of goods. |
Individual DemandIndividual demand refers to the quantities of a product an individual household is willing and able to buy at each price level. |
Individual SupplyIndividual supply refers to the quantities of a product an individual company is willing and able to produce at each price level. |
IndivisibilityUnable to be divided or separated. |
Industry Driving ForcesIndustry conditions change because important forces are driving industry participants (competitor, customer, or suppliers) to alter their actions; the driving forces in an industry are the major underlying causes of changing industry and competitive conditions |
Industry EquilibriumIndustry equilibrium exists where all firms in the industry make normal profit in the long run. |
Industry or Market SupplyIndustry or market supply is the horizontal addition of all individual firm supply curves where the rising part of the MC curve above shut-down point is the individual firm’s supply curve. |