Total ProfitTotal profit is the product of average revenue (AR) X quantity (Q) or (TP). |
Total Quality Management (TQM)TQM describes a structured, systematic and integrated management approach to long–term success through maximizing internal and external customer and supplier satisfaction. It is where all managers and employees of an organization use quantitative methods to participate together as a team and actively work to support each other in improving all the processes, products, services, and the culture (ethos) in which they work. It is a management philosophy that looks to integrate all the organizational functions (marketing, finance, customer service, etc.) to continually improve on the delivery of customer needs and business objectives. TQM is also referred to today as Business Excellence |
Total RevenueTotal revenue is the revenue earned when all products are sold. TR = P x Q. |
Total Revenue (TR)Total revenue (TR) is the total income received through the sale of goods. |
Total Variable Costs (TVC)Total variable costs (TVC) are costs that are incurred by variable factors of production. These costs vary with the number of items produced. |
Trade BalanceTrade balance equals merchandise exports – merchandise imports + net gold exports. |
Trade PolicyTrade policy is the indirect intervention by government to affect the volume or price of exports and imports. |
Trade-OffA trade-off is a situational decision that involves diminishing or losing one quality, quantity, or property of a set or design in return for gains in other aspects. In simple terms, a tradeoff is where one thing increases, and another must decrease. |
Transaction CostsCosts required for gathering information, negotiating, and enforcing contracts, letters of credit and transactions. Often referred to as the cost of doing business. |
Transfer PaymentsTransfer payments are one way money flows from the government, example child grants. |