Friday, 29 March 2024, 8:41 AM
Site: Bcom International Supply Chain Management
Course: Bcom International Supply Chain Management (IMM)
Glossary: SCS Glossary
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Tactical Marketing Plan

A tactical marketing plan breaks down those business goals into marketing objectives, then details the marketing strategies and tactics that will be used to achieve those objectives

Taxation

Taxation is a compulsory payment to the government.

Taxes

Taxes are a compulsory payment to government.

Technology

Application of scientific knowledge to the workplace or everyday life. Technology aids us in completing tasks and storing data more effectively and to analise data. Software applications are technology tools that aid us in everyday life as well as the working environment.

Terms of Trade

Terms of trade is the ratio between export prices and import prices.

The Cost Function

The Cost Function, shows the relationship between the price of inputs and the quantity produced. A firm’s costs of production depend on the prices and quantities of its factors of production. When a firms’ output changes we can also expect the firm’s costs to change. The relationship between the production function and the cost function is that the cost function is derived from the production function. 

Time Management

Good time management enables you to work smarter – not harder – so that you get more done in less time, even when time is tight and pressures are high. It is a process of planning how you will spend your time per task.

Total Costs (TC)

Total costs (TC) are all costs incurred for all factors of production.

Total Fixed Costs (TFC)

Total fixed costs (TFC) are incurred by fixed factors of production. They do not vary with the output level and have to be paid even if nothing is produced.

Total Product (TP)

Total product (TP) measures the total number of items produced as more workers are hired.