Identification of the charecteristics of a good or service in order to satisfy a recognized need or want.

Occupation which involves controlling different aspects of the production system by prescribing scheduling, cost, quality, etc.

A two dimensional curve, used in macroeconomic analysis, drawan on a capital vs consumer goods graph. It is used to define the limitation of the economy when it comes to production and

Manufacturing process, including different stages of design, produce, distribute and service are known as production system.

Resources such as labor, capital and land , which contribute to production reders to as productive resources.

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 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

1. A person, who is a member of a professional body due to the education qualification and follows the prescribed moeal and prefessional code of conduct. 2. A person who has mastered

Legal consequences due to the negligence on the part of a professional.

Behavior different from what is prescribed in the moral, ethical and professional code of conduct.

Amalgation of two different professional (normally from different professional backgrounds) to offer services to public.

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

It is total revenue minus total cost. It is th amount on which the tax is levied.

The main reason behind involvement of a large number of people in enterprising sector.

Stage of negotiation, when the buyer and seller deliberate upon the amount of profit.

1. A set of actions clearly defining the key allocation of resources, the main objective, the main workers involved and their respective work load. 2. Computing: Set of specific technical instructions aimed

Preparation of a budget using program description, in lieu of the expense line items.

Detailed analysis of a process according to a set of pre-defined parameters, to determine the success of project completition (according to the expected result).

Individuals who write codes, which are transmitted to the computer as instructions. They must have the working knowledge of the lower and higer level to be able to instruct the machine well.

Gradual movement towards the objective of a task.