Friday, 26 April 2024, 4:51 AM
Site: Bcom International Supply Chain Management
Course: Bcom International Supply Chain Management (IMM)
Glossary: SCS Glossary
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Labour Intensive ProductionLabour intensive production refers to companies that use more labour than capital equipment during the production process. |
LagsLags are time delays associated with fiscal or monetary policy. |
Law of Decreasing ReturnsThe law of decreasing returns states that: Production decreases as more of the variable factor (labour) is added to the fixed factor (land). |
Law of DemandLaw of demand states that; as prices rise, quantity demand falls and as prices fall, quantity demanded rises. |
Law of Diminishing Marginal ReturnsLaw of diminishing marginal returns is where marginal production decreases as more of the variable factor (labour) is added to the fixed factor (land). |
Law of Diminishing ReturnsLaw of diminishing returns is when production decreases as more of the variable factor (labour) is added to the fixed factor (land). |
Law of Increasing ReturnsThe law of increasing returns states that: Production increases as more of the variable factor (labour) is added to the fixed factor (land). |
Law of ReturnsLaw of returns is where production at first increases and then decreases as more of the variable factor (labour) is added to the fixed factor (land). |
Law of SupplyLaw of supply states that; as prices rise, quantity supplied rises and as prices fall, quantity supplied falls too. |
Lead TimeLead time is the total sum of time between the recognition of a need for an order and the final availability of the goods/raw materials for use in production or available for sale. Lead time consists of both purchasing lead time and manufacturing lead time. Manufacturing lead time applies when the final product is manufactured or assembled by the supplier. |