Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

Category: K

KNOWLEDGE CAPITAL

Experience, information, knowledge, learning, and skills of the employees of an organization tallied into expertise, high-capability. Knowledge capital is an essential component of human capital. Knowledge capital builds the longest lasting competitive

KAIZEN

Small but continual improvements involving everyone from the chief executive to the lowest level workers achieves higher standards in quality enhancement and waste reduction. Mosaki Imai popularized it in his book ‘Kaizen:

KEY EMPLOYEE

Essential, main employee stakeholder in corporate operations. May be an officer with voting rights able to influence the company. Any employee owning company assets 5% or more of the total and/or receives

KEYNESIAN

Supporter of governmental economic intervention by public policies driving for full employment and price stability. A follower of John Maynard Keynes, a believer in his economic principles.

KINKED DEMAND CURVE

Standard demand curve with a bend depicting competitors decreasing prices to match another’s, yet not raising prices to match another’s. Concern is that raising prices lose customers, so that once a business

KNOWLEDGE CREATION

Defined by Ikujiro Nonaka, interactions between explicit and tacit knowledge form new ideas. Socialization (tacit to tacit), externalization (tacit to explicit), combination (explicit to explicit), and internalization (explicit to tacit) are the

KAIZEN BUDGETING

A budgeting approach that includes product improvement costs. With the objective of reducing actual costs below standard costs, projected costs of improvement are already incorporated in the budget . Also refer to

KEY ESCROW

Copy or copies of a code, password, or secret key protected by a third party for use in an emergency or when the originals) is(are) lost. Escrowed items may be separated to

KEYNESIAN THEORY

British economist John Maynard Keynes established this economic theory. A stable, growing economy requires active government intervention is the concept embodied by the theory.

KINKED YIELD CURVE

When medium term interest rates are higher than low or high. Refer to negative yield curve, yield curve, and positive yield curve.

KNOWLEDGE ECONOMY

Building, evaluating, and trading knowledge is the basis of this economy. Labor costs slowly decrease in importance while dwindling concern occurs over scarcity of resources and economies of scale, traditional economic concepts.

KAIZEN COSTING

Reducing product costs even if being produced. A process involving effective waste management, continuous product improvement and raw material price reduction. Cost minimization is a strategy in overall product cost reduction.

KEY JOBS

Organization’s and Labor market’s common jobs used to determine general pay scales. Clerks, drivers, janitors, and secretaries are examples of common jobs.

KEYNESIAN UNEMPLOYMENT

Because the economy is in recession, employers have low demands for their goods and services, situation exists where low wage-rates should drive to higher employment levels, but do not.

KIOSK

Upright, retail outlet display or entry-port in a large retail establishment or a shopping mall to assist customers.

KNOWLEDGE MANAGEMENT

Building of an organization’s intellectual assets by strategies and processes. Driving to identify, capture, structure, value, leverage, and share, enhancing results and market share. Two critical activities are its basis: (1) retain

KARAT

Fineness, as a measure of the purity, of gold. It also indicate gold proportion in an alloy. UK spelling of both carat and karat is carat. Germany spelling is karat. 24 karats

KEY LIFETIME

For encryption-decryption security, private decryption keys have no expiration, an indefinite lifetime. Secret keys, however, have terminal lifetimes that need to be defined in an organization’s security policy.

KEYSTONE MARKUP

Gross margin equaling cost price or half the sale price. Said another way, any item selling at twice the wholesale cost, purchased or produced, has a keystone markup.

KIT

One item under its own part number or SKU, comprised of several other finished goods (FG), each with its own SKU. Refer to separate stock keeping unit (SKU).

Topic Archives:

Disclaimer

This site contains general legal information but does not constitute professional legal advice for your particular situation. The Law Dictionary is not a law firm, and this page does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.