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

Category: O

OKUN’S LAW

Stated by US economics professor Arthur M. Okun, the law defines the relationship between a fall in Gross National Product and unemployment. It states that unemployment increases by one percent for every

ON DEMAND PRINTING (ODP)

Using advanced printing technology, ODP can produce a commercial quality print run of up to a few hundred copies in just a few hours.

ONE-WRITE SYSTEM

This is a system that captures all data when a transaction is made. Erasing the need to copy information later makes this an efficient system.

ONTOLOGY

Branch of metaphysics concerned with the study of being and the nature of existence. Also describes the assumed components of a categorisation system, concept or theory.

OPEN CORPORATION

Firms with shares that are publicly traded, not owned by a small number of investors. This is the opposite of a closed corporation.

OPEN JAW TICKET

A ticket that covers travel from the port of departure to one destination, and return travel to the port of departure from a different destination (e.g. Newcastle-Melbourne / Perth-Newcastle). The passenger is

OPEN SHOP

Open shop firms may be any of the following: 1. Firms that don?t require employees to be members of a union, 2. Firms that refuse to deal with unions, 3. Firms where

OPENING ENTRIES

The first bookkeeping entries of a new firm, account or accounting period.

OPERATOR

1. Any person or a device that enables another device to function. 2. A function used in mathematics, usually given a symbol (such as + or -). 3. In telecoms, one might

OPTICAL DATA STORAGE SYSTEM (ODSS)

Any system that enables the storage of digitized data on magnetic media (e.g. CDs, DVDs), with database indexing so that data can be retrieved online.

OPTION PRICE

The price to be paid by an investor for an option contract, based upon the security of the underlying asset and the time left until the option expires.

ORGANIC

1. Similar to a living organism, with clear and functional internal structure and consistent life cycle of birth, growth, decay, and death. 2. Compounds (natural or synthesized) that contain carbon.

ORGANIZATIONAL CAPABILITY

Resources at an organization?s disposal, including human resources, material resources, financial resources, information resources and intellectual resources.

ORGANIZATIONAL STRUCTURE

A typically hierarchical framework of authority, accountability, communication, and allocation of responsibility. Organizational structures should reflect the goals of the organization if they are to be successful.

ORTHOGRAPHIC PROJECTION

Used in elevations, floor plans and drawings of building sections, orthographic projections are 2D isometric views of a 3D object at right angles to the views and lines of sight, drawn to

OUTPUT

1. Products, services, work or energy that is produced by a company, machine or individual in a given period. 2. Computing: Information suitable for transmission from a computer to external devices; transferring

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