Job costing and contract costing are the terms used in the context of accounting. Job costing is a method of accounting that is used to track the costs associated with individual jobs or projects, while contract costing is a method of accounting used to track the costs associated with long-term contracts or projects. In order [...]
A process layout, also known as a functional layout, is a type of manufacturing layout where similar equipment or processes are grouped together. Process layout is used in industries such as chemical processing, food processing, and assembly operations. The objective of a process layout is to increase the efficiency and productivity of the company by [...]
Division of labour refers to the separation of tasks or responsibilities within a company. It involves the breaking down of a complex process into smaller, specialized tasks that are assigned to different individuals or groups. It can be better understood with the help of an example. Suppose in a car factory a car is built [...]
In business, pricing strategies are crucial to make a product valuable, and competitive pricing is one of the strategies that can be implemented, but it’s not the only one. Competitive pricing is when a business sets its prices to match or beat its competitors. It can be an effective way to attract price-sensitive customers and [...]
Third party logistics is the concept used in the context of supply chain management. It basically refers to that process by which companies basically outsource the majority of activities related to supply-related aspects like warehouse management, shipping, distribution to the consumers, and other such aspects related to the supply of the company’s products to end [...]
Subsistence theory of wages is the term used in the context of economics, according to this theory wages of the workers are determined by the subsistence need of the workers. Subsistence in simple words means money needed to satisfy basic needs such as food, clothing, and shelter, and once the wages of the workers rise [...]
Labour market and commodities market are the terms used in the context of economics while the mechanics and working of both labour market and commodities markets are the same but there are many differences between the two. In order, te get a better idea about the working of both markets one should look at the [...]
Deficit financing is the term used in the context of government financing. We all know that governments all over the world receive money in the form of direct and indirect taxation and spend this money to take care of basic or civic amenities of people like food, shelter, hospitals, roads, and other infrastructure facilities but [...]
Single use plan is the term used in the context of the planning aspect of management as the name suggests single use plans refer to those plans that are made for one time only depending on the situation and requirement of the management. In order to get a better idea about this term one should [...]
An emergency fund is a term used in the context of personal finance, emergency fund as the name suggests refers to those funds which can be used by an individual during times of emergency like loss of job, accident, health emergency, and so on. An individual should ideally keep 6 months of his or her [...]