Essential piece of macroeconomics that accounts for the gap between the short run equilibrium level and full employment real production. A recessionary gap is associated with a business cycle contraction.

Within the environment of health insurance, this term is used in reference to the regularity with which an insured returns to the hospital for inpatient treatment due to the same complaint.

Ingredients or components with their relative proportions and the method of processing to create a manufactured good or product.

A location or place where the insured’s business is accepted or approved. Under business income coverage, one of the types of properties or assets that may be covered.

1. Inversely related. 2. Relationship in which movement of one party is met with a corresponding movement of the other. 3. Number resulting from dividing 1 by a number except 0.

1. General: arrangement in which two or more parties agree to share resources. 2. Data backup: Two organizations agree to store backup data. 3. Disaster planning: Each party agrees to allow another

This agreement led to General Agreement on Tariffs and Trade in 1947. Congress passed act of 1934 that allows the President to create foreign tariff reduction agreements without approval of Congress.

This term refers to an arrangement between two parties that allows the roles of buyer and seller to be interchangeable. Each sells to the other and buys from each other.

Indifferent and conscious contempt of others’ reputation or rights, the dangerous consequences of one’s action. In defamation cases, the defendant’s malicious intent is judged against the standard of ‘reckless disregard for truth.’

1. Commerce: Seller’s legal right to take back not paid for goods. 2. Land development: Conversion of unusable land into valuable real estate. 3. Recycling: Restoration of materials found in a waste

This term is in reference to the inclusion of revenue in an income account. According to the provisions of GAAP, expense is recognized when incurred, whether it is paid or not.

Pre-1995 US FDA standards used by food manufacturers in declaring nutritional values of the components foods on the label. Replaced in 1995 by % DV for 10 mandatory and 22 optional food

This term refers to the maximum allowable airborne concentration of a substance in a work area. REL can be expressed either as a maximum limit or as a time-weighted average.

Non-enforceable principle that indicates the greatest level of a contaminant in drinking water at which no known or anticipated adverse health effects would occur in humans and pets.

Older standard for serial data transmission between computers and devices and officially known as an EIA232. A common RS232 cable typically carries data at 20 Kbps, up to a distance of 50

Re-calibrating and servicing equipment to bring it back to near new or original operational level. Reconditioned goods are often of later models and usually in better condition than refurbished goods.

A requirement where a passenger must confirm at least 72 hours before the flight that they will be on the plane. Otherwise, the airline has the right to assign the seat.

Determination of the retentive values and disposal time of records based on their administrative, audit, fiscal, historical, legal, or operational value to the organizations where they were created or received.

The processes in which records are identified and categorized. They are then filed based on their subject matter and category, and then they are assigned a file number for efficient retrieval.

This term refers to the Administration of files, documents and records created or received by an organization to ensure proper authorization and procedure for handling or having access to records.