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

Category: M

MACHINE INSTRUCTION

A program’s operation commands. Usually a compiled machine-native code. Also known as machine code. A computer, robot, or computer-driven machine recognizes these and executes them.

MADRID AGREEMENT

International agreement for a single application to World Intellectual Property Organization (WIPO) sufficing to register a mark in all member countries and register service and trade marks under it.

MAINTENANCE CAPACITY

Direct labor hours applied during a normal work-week are a quantitative measure of maintenance capability.

MAKE READY

To change from one job to another or a machine operation setup.

MANAGED CARE ORGANIZATION (MCO)

Prepaid medical plans to reduce cost by eliminating inefficiencies and aimed at increasing the quality of managed care by organized healthcare delivery through a US medical firm, such as an health maintenance

MANAGING CONTRACTOR

Entity contracted to administer and oversee a complete project, managing those who carry out different parts of the project, including several subcontractors .

MANTISSA

Written on the right of the decimal point, this is the fractional part of a decimal fraction. It is also a common logarithm’s decimal part.

MAP CLERK

Tracking an insurer’s exposure in a given area is this junior underwriter’s task. Tracking on maps property covered by policy number is how this is done.

MARGINAL EXTERNAL COST

Total incurred cost change of some households or businesses due to a unit change in other households’ or businesses’ consumption or output.

MARGINAL RATE OF SUBSTITUTION

Quantification; Measurement: while maintaining the same satisfaction level, how much of one commodity will a consumer give up to get one or more units of another commodity.

MARK TO MARKET

1. In Accounting, this is posting an asset as ‘marked’ or recorded at actual purchase / acquisition price or book value in the account books. 2. in Securities, this is a security’s

MARKET MAKER

Broker, dealer, or investment firm that takes possession of, and trades in, a security as a principal, thereby assuming market and systemic risk. Continually quoting bid and offer prices, and guaranteeing full

MARKETING MANAGEMENT

A company’s marketing resources and activities assessed and resourced to apply, track and review events and activities.

MARXISM

Economic, social, and political philosophy as a organized method based on the view that social change is definable in terms of economic factors. The means of production is the economic base that

MASTER FRANCHISE

Within a specified geographical area, a franchisee with the right to appoint sub-franchisees is authorized by the franchiser in this specific type of arrangement..

MATCHING RULE

Offsetting an income transaction with an expense transaction is the duty of an accountant.

MATHEMATICAL MODEL

Forecasting future behavior method of simulated real-life situations with mathematical equations as this type of mathematical modeling. Decision-theory, queuing theory, and linear programming are typical tools. Large amounts of number crunching are

MATURITY INTERMEDIATION

Borrowing at short-term interest rates, but loaning funds long-term. Bank is in a vulnerable position.

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