| |
| Variable Costs |
 |
| Costs that change according to the level of production such as labour and raw materials |
| |
| Venture Capital |
|
| Funds invested in new, small or struggling businesses that have potential for rapid growth, by outside investors in return for an ownership share of the business |
| |
| Venture Capitalists |
|
| Private individuals or business organisations that invest in promising new businesses on the basis of loans, share ownership and /or participative management |
| |
| Vertical Marketing System |
|
| A planned distribution system |
| |
| Vertical Merger |
|
| A merger that occurs between firms at different levels in the production – marketing process |
| |
| Very Large Scale Integrated (VLSI) Circuits |
|
| Superchips by decreasing the size of transistors that can be placed on an integrated circuit and assembled on a single integrated chip to the point that they must be designed by computers |
| |
| Vestibule (Simulation) Training |
|
| The process of improving a person’s skills under controlled or artificial conditions that simulate actual work |
| |
| Voluntary Arbitration |
|
| Arbitration in which both union and management representatives decide to present their unresolved issues to an impartial third party |
| |
