Economincs words Flashcards
Translate “Revenues” to swedish
Intäkter
Explain “Incremental revenues”
Incremental revenues refer to the additional income generated from a specific business decision or action.
The concept focuses on the additional revenues that result directly from these actions, rather than the overall revenue of the company.
Explain “Corruption”
When methods like the following are used within the company:
- Bribery
- Embezzlement (diverting company funds for personal use)
- Fraud (criminal deception)
- Nepotism and Favoritism (ex when hiring)
Explain “Circulkar economy”
A circular economy is an economic system aimed at minimizing waste and making the most of resources.
What is meant by “Social dialog” in ISO26000
In the context of ISO 26000, “social dialogue” refers to the process of communication and negotiation between various stakeholders within and around an organization to address issues related to social responsibility.
What is the “European institute for gender equality” (EIGI)?
EIGE is a European Union agency dedicated to promoting gender equality and combating gender-based discrimination.
Explain “Value based pricing”
Value-based pricing is a pricing strategy in which a product is priced based on the perceived value it provides to customers rather than on the cost of production or historical prices.
Explain “production planning”
Production planning involves determining what products to produce, in what quantities, and by what methods.
Explain “production control”
Production control involves monitoring and regulating the actual production process to ensure that it proceeds according to the planned schedule and meets quality standards.
Explain the “Demand-Control model”
The model posits that the combination of high job demands and low job control leads to high stress levels and negative health outcomes.
Whereas high job control can mitigate the adverse effects of high job demands.
(Developed by Robert Karasek in the late 1970s)
Explain “Market price”
The market price is the current price at which a particular product can be bought or sold in a marketplace.
It represents the intersection of supply and demand, reflecting the amount that buyers are willing to pay and the amount that sellers are willing to accept.
Market prices are dynamic.
Explain “Benchmarketing”
Benchmarking is a strategic management tool used by organizations to compare their performance, practices, processes, products against those of competitors or industry leaders, known as benchmarks.
“Referensmätning”
Explain “single piece production”
Single piece production refers to a manufacturing process where individual products are produced one at a time, often customized according to specific customer requirements or preferences.
Explain “Mass production”
Mass production is a manufacturing process characterized by the large-scale production of standardized products using assembly line techniques and automated machinery. In mass production, identical or similar products are produced in high volumes, allowing for efficient production, economies of scale, and lower costs per unit.
Explain “Batch production”
Batch production is a manufacturing process where items are produced in groups or batches, with each batch comprising a specific quantity of products. Unlike mass production, where large quantities of identical items are produced continuously, batch production involves producing a set number of items before switching to a different product or configuration.
