Dictionary of Procurement Terms

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  • Economic Indicators

    Economic activities that change relative to the economy. Examples include imports, exports, unemployment, housing starts. (Schiller, 2000)

  • Economic Interregnum

    A gap in economic continuity, the outcome of which cannot be predicted. A discontinuity in the global economy, thereby making future predictions uncertain.

  • Economic Object

    CANADIAN Code which classifies expenditures according to type of goods and services acquired or transfer payments made to measure the impact of government transactions on the economy.

  • Economic Order Quantity (EOQ)

    An inventory calculation used to determine stock-level reorder point. The calculation is based on costs of acquisition, storage, handling, and inventory investment to determine the most cost-effective time and quantity to reorder.

  • Economically Disadvantaged Individuals

    Socially disadvantaged individuals whose ability to compete in the free enterprise system is impaired due to diminished opportunities to obtain capital and credit as compared with others in the same line of business that are not socially disadvantaged. (U.S. SBA, 1998)

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

  • Economies of Scale

    1. Reductions in minimum average costs as a result of increases in the size (scale) of plant and equipment. 2. A reduction in selling price as a result of an increase in the quantity ordered. 3. The aggregation of quantities to obtain certain economic advantages. (Business, 2002)

    See Also: Quantity Discount, Volume Discounts, Volume Leveraging

  • Economy

    The system through which a society answers the two economic questions: 1.How wealth is created and 2. How wealth is distributed. (Schiller, 2000)

  • ECOTS

    CANADIAN See Electronic Catalogue and Order Taking System.

  • ECP

    CANADA

    See Also: Environmental Choice Program (ECP)

  • EDI


    See Also: Electronic Data Interchange (EDI)

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