Sunday, 5 May 2024, 1:08 AM
Site: Bcom International Supply Chain Management
Course: Bcom International Supply Chain Management (IMM)
Glossary: SCS Glossary
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ProductionProduction using inputs to make outputs. The act of making things for resale. |
Production FunctionProduction function is the process by which goods and services are made using the 4 factors of production. |
Production MethodProduction method is a method of calculating GDP using the value added at each stage of the production process. |
Production Possibilities CurveProduction possibilities curve is a graphical representation of the maximum possible production possibilities of a community or country. |
Productive EfficiencyProductive efficiency is a situation where all firms are producing where average costs are at a minimum, and there is no wastage of resources. |
ProductivityProductivity – clearly discernible results of a period of dedication to a specific task or range of tasks. |
ProfitProfit is income minus expenditures. |
Profit Maximising RuleProfit maximising rule |
Progressive TaxProgressive tax is where the % of tax paid increases as earnings increase. |
ProspectingProspecting is the process of searching for new clients/customers. |