| A | B |
|---|
| Incomes policy | restrict wages of public sector |
| Exchange Rate | The price of one country's currency in relation to that of another |
| Benchmarking | a technique to help businesses discover the best methods of production available |
| Just in Time Production | the manner in which parts are ordered prior to being used |
| Fixed Costs | costs incurred by a business that do not vary in line with change in demand or output |
| Variable costs | costs incurred by a business that vary in direct relation to the level of output and demand |
| Direct costs | any costs that can be attributed as being physically embodied in the product itself |
| Indirect Costs | any costs not attributed to products arising from business activity |
| Flow Production | Each operation on a unit is performed continuously |
| Reorder Quantity | How much stock you order |
| Reorder Levels | The level of stock at which you place an order |
| E.P.O.S.S | Electronic Point of Sale System |
| Job Production | Completing one unit of output at a time |
| Privatisation | Transfer from public to private ownership |
| Batch production | completing one batch of operation at a time on all of the units in that batch at one time before starting another |
| Dividend | Paying a proportion of the profit to the shareholder |
| Breakeven Point | Fixed Costs / comtribution per unit |
| Factors of Production | land, labour, capital, enterprise |
| Monetary Policy Committee | sets interest rates |
| Inflation | a rise in the general level of prices |
