Economic order quantity (EOQ) is the ideal quantity of units a company should purchase to meet demand while minimizing inventory costs such as holding costs, shortage costs, and order costs.
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A tariff is a tax on imported goods and services to influence trade relations, generate revenue, or protect domestic industries.
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The Balance of Payments (BoP) is a record of all economic transactions between a country and the rest of the world over a specific period, including trade, investments, and financial transfers.
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The Balance of Trade (BoT) is a fundamental economic indicator that measures the difference between a country’s exports and imports over a given period.
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Product differentiation is a process businesses use to distinguish a product or service from other similar ones available in the market.
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Product management is a dynamic and multifaceted discipline at the intersection of business strategy, user experience, and technology. It involves guiding a product from conception to launch and ensuring its success throughout its lifecycle.
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Revenue vs profit: Profit and revenue are both exceptionally solid marks of a business’s monetary prosperity. Since one uses both, it is crucial to understand their difference to precisely manage an organisation’s funds and make an adequate financial plan.
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In today’s competitive business landscape, understanding your audience is key to creating truly resonating products, services, and marketing strategies. Market
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Microeconomics is a branch of economics that examines how individuals and firms make decisions about allocating scarce resources. In contrast to macroeconomics, which looks at the economy as a whole, microeconomics focuses on the individual elements of the economic system.
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Business turnover, also known as sales revenue, is the total income a company generates from selling its products or services. It’s a key metric used to assess a company’s financial health and performance.
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