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

Category: M

MARGINAL COSTING

The basis for choosing which product to make or which process to use in this decision-making method, using marginal cost. Also known as incremental costing.

MARGINAL PROPENSITY TO SAVE

A small, disposable income’s change proportion potentially saved instead of being spent on consumption. Divide the amount saved by the causal disposable income change.

MARINE INTEREST

When money is loaned on hypothecation on bottomry bonds, this higher-than-market interest rate covers the use and risk of the loan.

MARKET ECOLOGY

An entity’s plans, policies, and strategies collectively impacted by Cultural, economic, political, social, and technological environments.

MARKETER

On behalf of a company, one accountable to identify consumer needs and match them to the goods and services available, selling these goods and services . Also refer to advertiser.

MARTENSITE

Named after the German metallurgist Adolf Martens (1850-1914). A crystal having a characteristic body-centered tetragonal crystalline structure, formed via displacive transformation, typically steel or another mineral. Also refer to Austenite.

MASTER BUDGET

A singular budget for rolling up and summarizing all of the organization’s integrated, individual budgets.

MASTERS OF BUSINESS ADMINISTRATION (MBA)

Students who successfully graduate from their college or university’s MBA program earn this particular advanced college degree. Traditionally a student will have already received a Bachelors degree in some area of study,

MATERIEL

For a project, operation, organization, or undertaking, this is all of the required apparatus, equipment, parts, and supplies, separate from the personnel.

MATURITY AMOUNT

On the date of its encashment or redemption, including accrued earnings, an investment’s value.

MAXIMUM DISABILITY POLICY

With stated limits for each claim allowing multiple claims for multiple different disabilities, this is a specific type of disability income insurance.

MEAN

The average of values or quantities. Known also as simple average or arithmetic average. Compute an average as the sum of all value amounts divided by the number of values tallied. For

MEDIA BROKER

Demographic, psychographic, and other factors as grouping characteristics on websites for internet advertisers this type of firm services.

MEDICALLY NECESSARY

If not carried out the patient’s situation could worsen. For a patient’s treatment found to be necessary is this specific type of procedure or treatment.

MEMBERSHIP

Attributed the rights of being a member of an entity. Ether individually or collectively, belonging to a group. Some memberships require a fee to join or participate ; some do not. Some

MERCANTILE RISK

An industry term applied to a retail or wholesale risk versus a manufacturing or service risk.

META-CRAFTSMANSHIP

Customer service, leadership, management, quality improvement, and re-engineering efforts share concepts tied together in this specific unifying term.

MICROCASH

Low-value monetary transactions. The value of the transaction itself may be exceeded by the fees charged by banks and credit card commercial financial institutions. The development of new methods of transferring funds

MICRON

Term no longer used: for micrometer (one millionth of a meter).

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