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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Search Results: 2111-2120 of 2469 results

  • Small Business

    An independently owned firm, corporation, or establishment, having a small number of employees, low volume of sales, small amount of assets, and limited impact on the market.

  • Small Business Act

    1999 act that establishes the Federal Government’s responsibility to aid, counsel, assist, and promote the interests of small businesses (as defined by the Small Business Administration), and to place with such businesses a fair proportion of Federal Government purchases and ​contracts for goods and services.

  • Small Business Administration (SBA)

    An independent agency of the Federal Government that offers managerial and financial assistance to small businesses. The SBA mission is to maintain and strengthen the nation’s economy by aiding, counseling, and assisting the interests of small businesses. (U.S. Small Business Administration)

  • Small Disadvantaged Business

    Firms that meet the following criteria: The firm must be 51% or more owned and controlled by one or more disadvantaged persons, the disadvantaged person or persons must be socially disadvantaged and economically disadvantaged, and the firm must be small, according to the Small Business Administration's (SBA) size standards. (SBA, 2016)

    See Also: Historically Underutilized Business (HUB), Minority-Owned Business Enterprise (MBE), Woman-Owned Business Enterprise (WBE), Economically Disadvantaged Individuals

  • Small Purchase

    Any procurement not exceeding a given upper monetary limit, as established by law, regulation, executive order, etc. Usually applies to purchases of small dollar amounts under a certain monetary threshold.

  • Smart Card (Smartcard)

    A smart card is a device that includes an embedded integrated circuit that can be either a secure microcontroller or equivalent intelligence with internal memory or a memory chip alone. The card connects to a reader with direct physical contact or with a remote contactless radio frequency interface. With an embedded microcontroller, smart cards have the unique ability to store large amounts of data, carry out their own on-card functions (e.g., encryption and mutual authentication) and interact intelligently with a smart card reader. (Smart Card Alliance, 2016)

  • SME


    See Also: Subject-Matter Expert (SME)

  • Smith, Adam

    Economist (1723-1790) who stressed the importance of the “invisible hand” of competition in a free market. He wrote that technical progress and capital investment were the main engines of economic growth. (Bishop, 2004)

  • Social Costs

    The full resource costs of an economic activity, including externalities. (Schiller, 2000)

  • Social Responsibility

    The obligation of an organization to maximize its positive impact on society. (Schiller, 2000)

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