Thursday, 25 April 2024, 8:51 PM
Site: Bcom International Supply Chain Management
Course: Bcom International Supply Chain Management (IMM)
Glossary: SCS Glossary
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Macroeconomic ObjectivesMacroeconomic objectives serve as criteria for judging the performance of an economy. |
MacroeconomicsMacroeconomics is the study of global or national aggregates, example inflation. |
MaglevShort for ‘magnetic levitation’. Technology enabling trains to move at high speeds above a guideway on a cushion generated by magnetic force. |
Make to Order (MTO)A production environment where a good or service can be made after receipt of a customer’s order. The final product is usually a combination of standard items and items custom designed to meet the special needs of the customer. |
Managed FloatingManaged floating; a currency is managed or dirty or a managed float when it is allowed to float, but authorities intervene from time to time to even out short-term fluctuations. |
ManufacturingManufacturing is the production of goods through the use of labor, machines, tools, and chemical or biological processing or formulation. It is the essence of secondary sector of the economy. |
Margin of SafetyMargin of safety– the’ safety net’ due to the budgeted sales above the breakeven point. |
Marginal Costs (MC)Marginal costs (MC) are the extra costs incurred with the production of one extra unit. |
Marginal Product (MP)Marginal product (MP) measures the addition to the total number of items produced every time a new worker is employed. |
Marginal Revenue (MR)Marginal revenue (MR) is the extra revenue made when one additional item is sold. |