Same meaning as closed competitive bidding.

1. Electrical circuit with live electric current flowing through it. 2. Limited area transmission of audio and/or video signals in a conference hall, hotel, or home. Area monitoring and security scrutiny use

Competitive bidding conducted at a private venue with closed bids. The bidding occurs in the presence only of the authorized personnel of the party requesting the bids.

Unchangeable contract unless by mutual consent of all parties. Contact terms constitute the entire agreement between the contracting parties. An insurance contract, for example, is a closed contract. A construction contract may

Firm privately held, whose shares are owned by a family or a small group of investors, and not available to the public. Known also as privately held corporation. Refer also to closely

Date commonly available services are not available because of an advance sell out. Such services are hotel rooms or discounted airline tickets.

A required system of coding products for controlling inventory and tracking product movement in commerce. Managed by the manufacturers. Closed dating codes are typically not available to consumers. Consumers see open dating

File locked down so that no new documents or records can be added. The lock down occurs because (1). Processing has been completed, (2). Updates are no longer possible, or (3). a

A manufacturing resource planning system (MRP). It manages products returned by retail stores, or products that failed the manufacturer’s quality control standards. This system tracks purchasing plans against the list of products

Production system using the waste or byproduct of one procedure or product to make another product. Example: newspapers are recycled into paperboard or other types of paper.

System using some or all of its output as its input.

A investment transaction with both an executed buy and executed sell order, posting either a profit or a loss. This is in contrast to an open position.

A sales message for goods or services limited to a specific consumer group. Example: a hotel’s special offer only to seniors over the age of 65 of a getaway weekend .

Accompanied by a select set of answers one can choose. Example: Multiple choice questions.

Part of an economy or market whose access excludes new entrants or foreigners.

Place of employment tied to a union and its rules. Such rules are collective bargaining, agreement to hire only the members of a particular union. This is an illegal practice.

Available goods in complete sets only and not sold as individual pieces. There is no guarantee that the stock will be replenished when inventory is depleted. This is in contrast to open

An isolated system with no interaction or interface with any external environment. Recognizing a closed systems externally comes only from its outputs that are not dependent on the system being closed or

Condition enacted when a mutual fund has much more money to invest than the availability of allowable investments.

1. Financial transaction finalized during an accounting period. 2. Any transaction finalized for all of its tasks.