A market economy with few barriers to trade, where imports and exports make up a large portion of the GDP. This is a theoretical state, as all governments have some control over

A credit system in which merchandise may be received based only on the promise of payment.

Cargo insurance that provides compensation for damage to or loss of goods that were carried in a specified vessel or by a specified company, within a specific period. According to the policy,

A fund that allows shares to be bought or sold, according to demand. The fund?s market value is calculated by dividing the total value by the number of shares and then adding

A loan that can be expanded incrementally, up to a fixed limit. The loan is secured by the same mortgage throughout.

The stock owned by a business at the start of an inventory keeping period.

Software that can be downloaded, modified and redistributed for free. However, open source software often includes restrictions on re-sale.

1. To run some part of machinery or a business. 2. To function properly. 3. To perform medical surgery.

1. A rate that has not yet been finalized. 2. The highest one-time rate an advertising medium (e.g. newspaper, radio station, etc.) can charge.

A bidding system that is not private. It is opened for all qualified bidders. Bids are then chosen openly, based on price and quality.

Legal owner of oil and gas rights, including revenues produced, but also responsible for operating costs.

A legal outcome that automatically occurs whether or not the affected party intends it to.

The time it takes a system to produce an output from the moment it is first requested by a user.

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

A system or device that is designed around common standards and is independent of individual vendors. Thus, any vendor is able to create programs or interfaces for the system or device, and

1. Abbreviation for operational excellence. 2. Also used as an acronym for operational expenses.

1. The whole process an input / output system undergoes to progress from initial to final state (which will be identical). 2. The average time to liquidate merchandise or raw materials.

Exploiting situations for personal gain, without considering others.

The use of GAAP in business accounting to create the appearance of goal attainment.

Designing and overseeing business operations that contribute to the achievement of the company’s overall strategy.