Category: P

In direct relation to the overall state of the economy. The value of an asset is procyclic if it moves in tandem with the economy.

It is an economic tool used to measure the efficiency of a worker, capital output unit, system and economy in transforming inputs into outputs.

A gradual increase in punishment in accordance with the frequncy of crime commitment.

1. Planning: Phenomenon of making calculated guess into future according to the past trends. 2. Psychology: Superimposition of one’s perceived unwanted notions, emotions onto others.

This can be a receipt, label, tag or botle cap which shows that the person has indeed purchased the item specified. Often used in promotional campaigns to increase sales of a particular

Documents and data that has been generated by the company to allow it to control and safeguard its competitiveness over other companies. This proprietary data is protected by copyright laws, patent laws

Developed in 1979 by Amos Tversky and Daniel Kahneman. Most individuals will make a decision that will lead to a gain rather than a loss. Risks are put into 2 categories depending

The levels of a resource such as coal, oil and gas that is estimated with an amount of certainty after study of geological and engineering factors that can be removed from a

Having to do with and related to the science of psychology. There may be psychological reasons why certain people react one way or another that is different to how other people will

An organisation that is charitable whose funds are provided by a company or private person, though not more than 50% of the capital can be from that company or private individual.

The governement owns at least 51% or controlling share of the company. It is known as nationalisation when it is completely owned by the general public.

The provider of a service to the public such as transport, enertgy, telecommunications, waste disposal, or water and any other public goods and services.

Lists of jobs that have not been completed by a contractor before he is due to be paid. All items must be completed before the contractor is paid the rest of his

A situation that has arisen where there is no chance of gain but there is a chance of a loss. There will never be a chance for gain but you may not

This a network of marketing that is illegal in most countries. In order to sell retail products a person has to pay a joining fee. Only the person initiating the scheme makes

A guaranty made by a financial institution that assures the secureness of the prepayments made to a contractor.

The force experienced by a surface that is expressed in terms of force per unit area. Its SI unit is Pascal (a force of one newton on an area of one square

The agreement between a customer and the contractor that is used to determine the price or cost of reimbursement.

Assuming that all other factors remain constant, this principle states that for every additional quantity of a good consumed, the marginal satisfaction derived for the user decreases.

An adjustment of the errors in the financial statements of a previous period, that is reflected in the financial statement of the current year.