Dictionary of Procurement Terms

Welcome to the NIGP Online Dictionary of Procurement Terms, the comprehensive reference for public purchasing terms and concepts.

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  • Manufacturer Code

    CANADIAN A numeric code assigned by respective government agencies to organizations that are sources of supply for items produced. The code numbers are also assigned to government manufacturing equipment or to certain special non-manufacturing organizations.

  • Manufacturer's Price List

    A price list published in some form by the manufacturer and available to and recognized by the trade. The term does not include a price list prepared especially for a given ​bid.

  • Marginal Propensity to Consume (MPC)

    The fraction of each additional dollar of disposable income spent on consumption; the change in consumption divided by the change in disposable income. (Schiller, 2000)

  • Marginal Propensity to Save (MPS)

    The fraction of each additional dollar of disposable income not spent on consumption. (Schiller, 2000)

  • Marine Insurance

    Insurance covering loss or damage of goods at sea. (Ferrell & Hirt, 2002)

  • Market

    1. A group of individuals who have a collective need, purchasing power, and the desire and authority to spend money on goods, services, and ideas. 2. A setting where ​buyers and sellers establish prices for identical or very similar products, and exchange goods and/or services. 3. The aggregate forces (including economics) at work in trade and commerce in a specific service or commodity.

  • Market Analysis

    The process of analyzing prices and trends in the competitive marketplace to compare product availability and offered prices with market alternatives and establish the reasonableness of offered prices. (Business, 2002)

    See Also: Demand Analysis, Procurement Profile, Spend Analysis, Supplier Analysis, Supply Positioning

  • Market Demand

    The total quantities of a good or service people are willing and able to buy at alternative prices in a given time period; the sum of individual demands. (Schiller, 2000)

  • Market Economy

    An economy that relies on markets for basic decisions about what to produce, how to produce it, and for whom to produce. Contrast to socialism or communism where political decisions determine market direction. (Schiller, 2000)

  • Market Grades

    Used when procuring commodities that are traded regularly on the commodity exchange such as lumber, steel, food products, and fuel. Grading determines the quality level of the commodities. Trade associations, commodity exchanges, and government agencies are sources of market grade information.

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