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| Implied Warranties |
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| Those Warranties legally imposed on a seller and generally automatically effective unless disclaimed by the seller in writing |
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| Import Quotas |
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| Limitations on the number of products in certain categories that can be imported, with the objective of protecting domestic industries and preserving foreign exchange |
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| Importing |
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| The buying of foreign goods and raw materials |
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| Incentive Compensation |
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| Rewarding an employee for exceptional performance in addition to normal salary and wages |
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| Incentives |
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| The level to which individuals are incentivised in the organisation, and the methods and systems employed to achieve this, relative to what competitors are doing. |
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| Income Statement |
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| The financial statement of an organisation that reflects the revenues, expenses and profits over a period of time |
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| Index Number |
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| A statistical tool for measuring the changes that take place in business activity and other variables |
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| Industrial Distributors |
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| Wholesalers of industrial goods |
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| Industrial Estate |
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| A planned site location specially designated and zoned for business use. Particular categories of business may be specified eg Light industry |
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| Industrial Revolution |
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| The shift to a factory system of production which occurred in England around 1750 |
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| Industrial Standards |
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| The degree to which industrial standards, that are relevant to the sector, are used within the organisation, their relevance and the level of compliance with them. |
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| Industrial Union |
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| A labour union consisting of all or most of the workers in a given industry, regardless of occupations or skill levels |
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| Inflation |
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| An economic situation in which there are rising prices or decreased purchasing power of a nation’s currency |
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| Informal Organisation |
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| A self-grouping of employees in an organisation who communicate through informal channels |
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| Informative Advertising |
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| An advertising approach intended to build initial demand for a product in the introductory phase of the product’s life cycle |
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| Injunction |
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| A court order prohibiting or restrain some practice |
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| Innovation |
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| The ability of an organisation to motivate, facilitate and capitalise on creativity and innovation. |
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| Inspection and Testing |
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| The methodologies used to ensure that items purchased and received or processed during manufacture meet the predetermined specifications |
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| Institutional Investor |
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| An organisation such as an insurance company, pension fund, mutual fund, university, or bank which invests its own funds or funds it holds in trust for others |
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| Instrumentation |
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| Measurement devices used in the production process |
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| Insurable Interest |
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| An insurance concept wherein the policyholder must stand to suffer loss, financial or otherwise due to fire, accident, death or lawsuit |
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| Insurable Risk |
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| The requirements that a risk must meet in order for the insurance to provide protection against its occurrence |
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| Insurance |
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| The process by which an insurance company for a fee (premium) agrees to pay another firm or individual (insured) a sum of money stated in a written contract (policy) if a loss occurs |
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| Insurance Company |
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| A business that provides protection for individual and business policyholders in return for payment of premiums which in turn uses these premiums to make long term loans to corporations, provides commercial real estate mortgages and purchases government bonds |
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| Intangible Assets |
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| Items of value such as copyrights, patents, goodwill, intellectual property and trademarks that have no physical or tangible properties |
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| Integrated Circuit |
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| A network of transistors, connecting circuits and other electronic components etched on a single silicon chip |
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| Intellectual Assets |
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| The level of knowledge, skills and capability and the level of development that an organisation vests in its people |
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| Intensive Distribution |
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| A strategy used to achieve saturation market coverage by placing a product in nearly every available outlet. It requires maximum distribution effort and usually involves low-priced convenience goods such as impulse counter items |
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| Interlocking Directorates |
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| Identical or overlapping Boards of Directors for competitive companies |
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| Intermittent Process |
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| A manufacturing process where the production runs are short and the machines are shut down frequently or changed in order to produce different products |
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| Internal Data |
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| Data generated within an organisation. See also External data |
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| International Monetary Fund (IMF) |
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| A fund established to lend foreign exchange to countries that require assistance in conducting international trade |
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| International Union |
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| A national union with membership in a foreign country |
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| Inventory Control |
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| The balancing of the need to maintain stock on hand to meet demand with the costs involved in carrying the stock. |
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| Inventory Turnover Ratio |
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| A productivity ratio that measures the number of times the average volume of stock held moves through the business. Calculation: Cost of Goods Sold / Average amount of Inventory |
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| Investment |
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| The purchase of stocks and shares with the hope of getting satisfactory dividends and interest as payment for the risk taken |
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| Investment Banker |
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| A financial middleman who specialises in selling new issues of stocks, shares and bonds for businesses and government units. Also known as an underwriter |
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