OligopolyOligopoly is a market from where the number of sellers is limited, but each firm in the market is large. |
Open EconomyOpen economy is an economy that is open to trade with other countries. |
Open Market PolicyOpen market policy refers to the buying and selling of Government bills and securities (paper) in order to influence the amount of money in circulation, and the interest rate. |
Opportunity CostOpportunity cost is the cost of the next best alternative given up, or not chosen. |
Opportunity CostsOpportunity costs– value of potential benefit sacrificed when one course of action is chosen over another. |
Order lead TimesA lead time is the latency between the initiation and completion of a process. For example, the lead time between the placement of an order and delivery of new cars by a given manufacturer might be between 2 weeks and 6 months, depending on various particularities. |
Order of PriorityThe process of deciding which items are more important than others and them placing them into an order with the most important first and the least important last. |
Ordering CostsOrdering costs are the expenses incurred to create and process an order to a supplier. These costs are included in the determination of the economic order quantity for an inventory item. |
Organisational LearningOrganizational learning is the process by which an organization improves itself over time through gaining experience and using that experience to create knowledge. The knowledge created is then transferred within the organization. |
Organisational StrategyAn organizational strategy is a plan that specifies how your business will allocate resources (e.g., money, labor, and inventory) to support infrastructure, production, marketing, inventory, and other business activities. |
Output VATOutput VAT – VAT that is charged by a vendor to customers and collected on behalf of SARS. It is a liability. |
Over AppliedOver applied – when applied overheads exceed actual overheads. |
OverheadsOverheads – all costs other than direct materials and direct labour. |
Owners’ EquityOwners’ equity – the residual interest of owners in a business. |