Category: P

A price floor determined by the government to protect the interests of important producers that are crucial to the stability of the nation (farmers), from wide fluctuations in the prices of goods.

The determination of the selling price of a product that takes into account the average cost of production and the perception of the product’s value in the eyes of the customer. Depending

A family doctor or practitioner who is the first person to contact in the case of an emergency, who takes the necessary steps to resolve the emergency.

Needs or requirements of an individual that are determined by factors that the individual is exposed to. Food, clothing and shelter are considered to be the primary needs of most individuals.

The original Letter of credit that is exchanged as a security for another letter of credit. This usually takes place in consecutive transactions.

A primary concept, assumption, etc that is held to be true and fundamental for a particular field, procedure, knowledge. It is used to predict the course of related entities.

As opposed to the 500 sheets contained in a normal ream, the printer ream has 516 sheets, taking into account the waste incurred during printing and paper handling.

A small telephone exhange, usually a replica that is connected to the telephone company’s exchange and is installed at the subscriber’s location. The PBX is capable of handling hundreds of telephone connections

An exclusive network for communication that is owned by a number of firms.

Under the terms of an agreement between the concerned parties, the pro rata guarantee assures that the obligation to repay a loan is split evenly.

The estimated amount of sources of energy that are present based on geological and engineering evidence. The recovery of such resources is possible using existing technology at an economical rate. However, the

A visual representation of the step sequence of a process, from the extraction of raw materials to the finished goods. It is used to examine possible sources of improvement in the process

The combined weight of all the materials involved in the manufacturing process, that is used to calculate the accepted particulate emission rate.

The risk of losing from (1) the rejection of a batch of goods that is of acceptable quality, or (2) the acceptance of a batch of goods that the customer rejects.

Use of technology in the form of softwares to control date associated to a specific product. The data which is controlled generally includes technical specifications of the product, for production and development

Four variable and somewhat unpredictables stages a product goes through from its introduction and removal from the market: 1. Introduction, 2. sales revenue increase, 3. stabilization of sales revenue which includes maturity

Water that is processed and delivered to customers. The safety of the water is questionable.

A macroeconomic tool used to measure the rate of inflation over a certain period of time, normally in decades. Productivity refers to the capacity to produce and cost refers to the economic

It is the measure of one’s expertise in a certain subject, language or concept.

A form of economic ideology where profit remains the final goal, and no intervention by the government is done. This is one of the products of the capitalist ideology.