Examlex
According to Fayol's principle of Authority,if you have authority you also have responsibility.
Terms of Sale
The conditions and stipulations under which a sale is conducted, including payment, delivery, and warranty details.
Economies of Scale
The cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output decreasing with increasing scale.
Natural Monopoly
A market condition where a single firm can supply a good or service to an entire market more efficiently than if there were multiple suppliers, due to high fixed or startup costs.
Investor Owned
Pertains to a business or entity that is privately owned by investors who seek to earn profits from the operation.
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