Professional Documents
Culture Documents
B-294 Economy
ECONOMY
Micro-Macro
Public Finance Indian Economy
Economics
MICROMACRO ECONOMICS
Demand Price
Demand refers to how much Price is the amount of money that
(quantity) of a product (goods) or has to be paid to acquire a given
service is desired by buyers. The product. Price mechanism is based
quantity demanded is the amount of on the principle that only by allowing
a product people are willing to buy prices to move freely will the supply
at a certain price; the relationship of any given commodity match
between price & quantity demanded demand. If supply is excessive,
is known as the demand relationship. prices will be low & production will
The law of demand states that as be reduced, this will cause prices
the price of a good increases (or to rise until there is a balance of
decreases), the quantity of that good demand & supply. In the same way,
demanded will decrease (increase). if supply is inadequate, prices will
Supply be high, leading to an increase in
Supply represents how much the production that in turn will lead to a
market can offer. The quantity reduction in prices until both supply
supplied refers to the amount of a & demand are in equilibrium.
certain good producers are willing Elasticity
to supply when receiving a certain The concept of elasticity is
price. The correlation between price intended to measure the degree of
& how much of a good or service is responsiveness of a buyer or seller
supplied to the market is known as to a change in a key determinant, in
the supply relationship. particular price.
The law of supply states that as OR
the price of a good increases (or Elasticity is a ratio of relative
decreases), the quantity of that good changes in quantity demanded/
supplied will increase (decrease). supplied & price.
Elasticity I
(Price is determinant)
Demand Supply
Quantity Supply is
Price
OR
Price Demanded Price Price unaffected
OR
is same at when price
Demand Demand any price Supply Supply changes
B-296 Economy
Elasticity II
(Demand/supply is determinant)
Demand Supply
Price is
Demand Demand constant Supply Supply
OR
OR irrespective
Price Price of demand Price Price
REVENUE
TYPES OF COST
Budget
Budget
Central Assistance
Central Palns for Plans of States
Revenue Capital & UTs.
New Classification of Expenditure
Important Terms
(1) Revenue It is the income received by the government.
(2) Expenditure It is the amount incurred by the government to meet day to
day & regular needs.
(3) Deficit It means shortage. The gap between the Receipts & Expenditure
is called Deficit. The important types of Deficit are as follows:
(a) Budget Deficit = Total Expenditure Total Receipts
(b) Revenue Deficit = Revenue Expenditure Revenue Receipts
(c) Fiscal Deficit = Total Expenditure Total Receipts except Borrowing &
Other Liabilities.
(d) Primary Deficit = Fiscal Deficit Interest Payment
Tax
The money which public have to pay to the government so that it can pay for
public services is called tax.
(i) Types of Taxes
Income
Tax Wealth Minimum Excise Value added Goods & Services
Tax Alternate Tax Duties Tax (VAT) Tax (GST)
Corporate Commodities Custom Service
Tax Transaction Tax Duties Tax
(ii)
Broad Areas of Tax
Banking System
Unscheduled Banks
Other
Public
Sector Bank
Whole life plan Term Plan Endowment Money Back ULIP Personal Rural Industrial Commercial
Taken for entire Nominee Provide lump Used as Unit linked Taken by For rurally Avail by Security
duration of receives sum once a form of Insurance individual bases companies to against theft,
insureds life. It a fixed the policy investment plans are to cover business or get protection liability, &
is a pension plan. payment holder dies that produces one where against individuals, for important property
once the to nominee good financial the financial accidental provide projects, damage.
policy or when returns in worth of a death, coverage construction,
holder dies the policy future for policy is injury, from life contracts &
during matures using in dependent on health. & health equipments
policy various present net to natural
period. purposes. asset value disasters.
of the core
investment
assets related
to it in the
share market.
B-307
B-308 Economy
INDIAN ECONOMY
National Income X = Export of goods & services
National Income of a country is the M = Import of goods & services
total value of all final goods and X M = Net Factor Income
services produced in the country in from Abroad (NFIA)
a particular period of time usually,
one year. The growth of National So, GNP = GDP + NFIA
Income helps to know the progress 3. Net National Product (NNP):
of the country. National Income is a can be calculated in 2 ways:-
flow, not a stock. In India, National (i) NNP at market price:
Income estimates are related with NNP = GNP Depreciation
the financial year, i.e. April 1 to
March 31. Depreciation means wear & tear
Measures/Concepts of National of goods produced.
Income NNP at market price includes
1. Gross Domestic Product Indirect taxes and excludes
(GDP): GDP is the total subsidies.
money value of all final goods
(ii) NNP at factor cost: NNP
& services produced within the
geographical boundaries of the at factor cost calculates National
country (produced by resident Income only on the basis of
citizens + foreign nationals) cost incurred to produce the
during a given period of time, goods & services. This cost is the
generally one year. payment made to the factors of
GDP = Q P, production.
Q = Total quantity of final goods
NNPfc = NNPmp Indirect Taxes +
& services.
Subsidy
P = Price of final goods &
services.
When NNP is obtained at factor
2. Gross National Product (GNP):
GNP is the money value of total cost, it is known as National Income.
output or production of final Likewise, GDP at factor cost
goods & services produced by also can be calculated.
the nationals of a country during GDPfc = GDPmp Indirect Taxes
a given period of time, generally + Subsidy
a year. In this case, the income
of all the resident & non-resident 4. Personal Income : It is that income
citizens of a country is included which is actually obtained by
whereas the income of foreign nationals in one year.
nationals who reside within the P.I. = National Income
geographical boundary of the
Undistributed Profits of
country is excluded.
Corporation Payments for
GNP = GDP + (X M)
Social Security Provisions
Economy B-311
FOREIGN TRADE
Foreign Trade deals with export and import of goods & services between
nations.
Composition of Indias Foreign Trade
Export-Items Import-Items
I. Agricultural & Allied (coffee, tea, I. Food & Allied Products
fruits & vagetables)
Cereals, Pulses, Edible oils
II. Ores & Minerals II. Fuel
III. Manufactured Goods III. Fertilizers & Capital Goods
Gems & Jwellery, Drugs & Machinery (except electrical &
Pharmaceuticals, manufactures of machinery, Transport Equipment
metals, Transport Equipment, Machinery
& Instruments, Electronic Goods,
Readymade Garments, Handicrafts
Economy B-317
AGRICULTURE
Features of Indian Agriculture Evergreen Revolution
Sector The pioneer of Indian green
(1) Accounts for almost 27% of GDP revolution Mr. M.S. Swaminathan,
(2) Contributes 21% of total exports presently chairman of National
(3) Provides employment to around Commission on farmers gave a new
65% of the total workforce call for Evergreen Revolution for
(4) Provides raw materials to several doubling the present production
industries level of foodgrains from 210 million
GREEN REVOLUTION IN INDIA tonnes to 420 million tonnes. For
making Evergreen Revolution
Since the mid-1960s, the traditional
agricultural practices are gradually a success, he stressed on adopting
being replaced by modern organic farming. He also mentioned
technology & farm practices in India four pre-requistes for getting the
& veritable revolution is taking place success:
in our country. American Scientist i. Promoting soil health.
Dr. William Grande termed it as ii. Promoting Lab to Land
Green Revolution. During the exhibitions.
middle of 60s, Indian agricultural iii.
Making rainwater harvesting
scientists developed a number of compulsory.
new high yielding varieties of wheat iv Providing credit to farmers on
by processing wheat seeds imported suitable conditions.
from Mexico. These varieties were
having production potentialities of AGRICULTURAL REVOLUTION
60 65 quintals per hectare. IN A NUT SHELL
As a result Green Revolution ensured
Indias self-dependence in foodgrains. Revolution Area
The credit for it goes not only to Nobel 1. Green Foodgrain production
Laureat Dr. Norman Borlaug but also 2. White Milk
to Dr. M. S. Swaminathan. 3. Yellow Oil seeds
Second Green Revolution 4. Blue Fisheries
(Strategy Adopted in 11th Plan)
5. Red Meat/Tomato
The urgent need for taking agriculture 6. Golden Fruits apple
to a higher trajectory of 4 per cent
annual growth can be met only with 7. Grey Fertilisers
improvement in the scale as well 8. Black/ Brown Non-conventional &
as quality of agricultural reforms Energy Sources
undertaken by the various States 9. Silver Eggs
and agencies at the various levels.
10. Round Potato
These at efficient use of resources
and conservation of soil, water and
ecology on a sustainable basis, and in FOOD SECURITY
a holistic framework. Such a holistic World Development Report defined
framework must incorporate financing food security as access by all people
of rural infrastructure such as water, at all times to enough food for an
roads and power. Active, healthy life.
Economy B-319
(vi)
It has the responsibility to (vii)
It maintains a Research and
inspect RRBs and co-operative Development Fund to promote
banks, other than primary co- research in agriculture and rural
operative societies; and development.
INDUSTRIES
Types of Industries
AGRICULTURE
Agriculture plays a vital role in is the seasons main crop. Rabi
Indias economy. Over 58 per cent season lasts from October to March
of the rural households depend on (winter); wheat is the seasons main
agriculture as their principal means crop. Total food grains production
of livelihood. Agriculture, along in India reached an all-time high of
with fisheries and forestry, is one of 257 million tonnes in FY14.
India has the second largest
the largest contributors to the Gross agricultural land in the World with
Domestic Product (GDP). 157.35 million hectares of land
There are two major agricultural available.
seasons in India: Kharif and Rabi. Agriculture sector in India
Kharif season lasts from April to contributes 16% of GDP & 10% of
September (summer); rice (paddy) export earnings.
INDIA GDP FROM AGRICULTURE
5500
5217.45
5160.49
5026.56
5000
4637.96
4500
4211.93
4035.75 4152.28
4000
3500.52 3622.12
3500
2862.99 2920.28 2956.92
3000
2500
Jan 2013 Jul 2013 Jan 2014 Jul 2014 Jan 2015 Jul 2015
Agricultural export constitutes 10 per importer of pulses at 19.0 MT and
cent of the countrys exports and is 3.4 MT, respectively. India, the
the fourth largest exported principal second-largest producer of sugar,
commodity. The agro industry in accounts for 14 per cent of the global
India is divided into several sub output. It is the sixth-largest exporter
segments such as canned, dairy, of sugar, accounting for 2.76 per
processed, frozen food to fisheries, cent of the global exports.
meat, poultry, and food grains. Spice exports from India are
As per the 4th Advance Estimates, expected to reach US$ 3 billion by
food grain production is estimated at 201617 due to creative marketing
252.68 million tonnes (MT) for 2014- strategies, innovative packaging,
15. Production of pulses estimated at strength in quality and strong
17.20 million tonnes. distribution networks. The spices
With an annual output of 138 MT, market in India is valued at ` 40,000
India is the largest producer of crore (US$ 6.16 billion) annually, of
milk. It also has the largest bovine which the branded segment accounts
population. India is the largest for 15 per cent.
Economy B-323
bioservices (18 per cent), bioagri (14 the growth in the bioservices sector.
per cent), bioindustry (3 per cent), India has all the ingredients to
and bioinformatics contributing (1 become a global leader in affordable
per cent). healthcare. If there is an annual
The high demand for different investment of US$ 4.01 billion to
biotech products has also opened US$ 5.02 billion in the next five
up scope for the foreign companies years, the biotech industry can grow
to set up base in India. India has to US$ 100 billion by 2025, with a 25
emerged as a leading destination for per cent return on investment, and
clinical trials, contract research and set a growth rate of 30 per cent year-
manufacturing activities owing to on-year.
Medical biotect
21 % 26 %
Agri biotech
Biodiversity, bioresources
14 % & Environment
22 % Capacity building
17 %
Oil and Gas Industry in India has allowed 100 per cent foreign
The oil and gas sector is among direct investment (FDI) in many
the six core industries in India and segments of the sector, including
natural gas, petroleum products, and
plays a major role in influencing
refineries, among others.
decision making for all the other
Presently, domestic production
important sections of the economy.
accounts for more than three-
In 199798, the New Exploration
quarters of the countrys total gas
Licensing Policy (NELP) was consumption. India increasingly
envisaged to fill the ever-increasing relies on imported LNG. The
gap between Indias gas demand and country was the fifth-largest LNG
supply. A recent report points out importer in 2013, accounting for
that the Indian oil and gas industry 5.5 per cent of global imports.
is anticipated to be worth US$ 139.8 Indias LNG imports are forecasted
billion by 2015. to increase at a CAGR of 33 per
The Government of India has cent during 201217. However, net
adopted several policies to fulfil the imports of Natural Gas fell from
increasing demand. The government 13.14
Energy Consumption Pattern in 2014
2.18 % 1.23 %
4.64 %
7.14 % Coal
Oil
Natural Gas
Hydro Electric
28.33 %
56.47 % Renewables
Nuclear Energy
3%
10 % Ready Made Garments
Coton Textiles
40 %
Natural Gas
16 % Man Made Textiles
Handicrafts (Carpet,
Handloom, Coir, Handicrafts
excluding carpets)
31 % Others (Silk, Wool, Jute)
(GDP) by US$ 550 billion to US$ 1 can register high growth and is
trillion by 2025, as per research firm expected to reach 150,000 units by
McKinsey. 2020.
SMAC, increasing at a CAGR of
Coal Industry in India
approximately 30 per cent to around
US$ 650-700 billion by 2020. The Coal is one of the important parts
social media is the second most of Indias energy mix. India is
lucrative segment for IT firms, third-largest producer of coal with a
offering a US$ 250 billion market production of 565.6 million tonnes
opportunity by 2020. (MT) in FY14. It has the fifth largest
The Indian e-commerce segment coal reserves in the world at 301.6
billion tonnes (BT). It is a major
is US$ 12 billion in size and is
source of electricity production in
witnessing strong growth and
India.
thereby offers another attractive
Coal India Limited (CIL) was
avenue for IT companies to develop formed as a holding company
products and services to cater to the in 1975, incorporating the state-
high growth consumer segment. owned companies that were created
Indian Automobile Industry following the nationalisation of
The Indian automobile industry Indias coal assets.
registered a growth of 8.68 percent Coal India Limited accounts for
in the FY 2014 15 over last year around 80 per cent of Indias total
coal production. CILs production
and produced 23.37 million vehicles.
target for the 201516 financial year
The automobile industry accounts
(April 2015 to March 2016) has been
for 7.1 per cent of the countrys set at 550 million tonnes, up 8.5 per
gross domestic product (GDP). cent from the previous years target.
Two-wheeler production is projected In the previous fiscal year CIL
to rise from 18.5 million in FY15 to produced 494 million tonnes, 3 per
34 million by FY20. Furthermore, cent below its target of 507 million
passenger vehicle production is tonnes (Bahuguna 2015). To achieve
expected to increase to 10 million in the new target, CIL will need to
FY20 from 3.2 million in FY15. produce an extra 56 million tonnes
The government aims to develop during the 201516 financial year.
India as a global manufacturing as Although the central government
well as a research and development has primary carriage over Indias
(R&D) hub. It has set up National coal sector, state governments retain
Automotive Testing and R&D some influence over developments
Infrastructure Project (NATRIP) through approval of mining licences
centres as well as a National and leases.
Automotive Board to act as Iron & Steel Industry
facilitator between the government Started by TISCO at Jamshedpur
and the industry. in 1907. India is worlds 3rd largest
Alternative fuel has the potential producer of crude steel. Provide
to provide for the countrys energy employment to large number of
demand in the auto sector as the people. Steel sector contributes
CNG distribution network in India nearly 2% of GDP. Key industry
is expected to rise to 250 cities for construction. Backbone of all
in 2018 from 125 cities in 2014. industries. SAIL largest public
Furthermore, the luxury car market sector steel producing company.
B-330 Economy
Travel & Tourism Industry exchange earner for the country. The
According to world Economic Forums direct contribution of Tourism &
Travel & Tourism Competitiveness Hospitality sector to GDP totalled
Report 2013, India ranks 11th in the US $ 44.2 billion in 2015. Over 7.757
Asia Pacific region and 65th globally million foreign tourist arrivals were
out of economies ranked on Travel reported in 2015. Important Travel
& Tourism Competitiveness Index. Companies in India Cox Kings
Tourism in India accounts for 6.8% Ltd., India Tourism Development
of the GDP & is the 3rd largest foreign Corporation Ltd., Thomas Cook Ltd.
WORLD ECONOMY
By the term world economy, we mean during the Industrial Revolution
that comprehensive economy which is in Europe, because of huge energy
based on national economies of every conversion taking place. Economic
country of the world. In other words it growth spread to cover the entire
is the economy of global community world during the twentieth century
encompassing economies of every and world GDP per capita multiplied
local society across the entire globe. by five times. Maximum growth took
The 20th century world witnessed two
world wars, the Great Depression of place in the 1960s the period of post
the 1930s, the end of colonial rule, war reconstruction. Trade revolution
robust scientific and technological brought in by container ships after
developments, the Cold War between the 1950s, paved way for cheap
the Western alliance and the Warsaw transportation of goods.
Pact nations, living standards So far as the 21st century is concerned
enrichment in North America, Europe, the continued advancement in
and Japan; increased concerns about science and technology has both its
environmental degradation, energy inherent merits and demerits- merits
conservation, declining biological in terms of advances in medicine,
diversity, etc., the emergence of the agriculture beneficial to humankind
US as world superpower, continued
population explosion. and propagation of lethal weapons
As for global economic history, of war, mass destruction harmful for
economic growth took place first mankind.
BUSINESS
B-332 Business
BUSINESS ENTITIES
S ole Proprietorship: It is an manner as may be prescribed for
unincorporated business with one obtaining the status of a Dormant
owner who pays personal income company.
tax on profits from the business. Family Owned Business: It is a
Partnership: A type of business kind of business in which two or
organisation in which two or more more family members are involved
individuals pool money, skills, & & the majority of ownership or
other resources, & share profit & control lies within a family.
loss in accordance with terms of Private Limited Company: A type
the partnership agreement. of company that offers limited
Limited Liability Partnership liability, or legal protection for its
(LLP): It is a partnership in which shareholders but that places certain
some or all partners have limited restrictions on its ownership.
liabilities. Small Company: It is a company
Hindu Undivided family that satisfies either of the following
(HUF): It is an extended family conditions:
arrangement prevalent throughout (i) Paid-up share capital which
the Indian subcontinent consisting does not exceed 50 lakh rupees
of many generations living in or such higher amount as may be
the same household, all bound prescribed which shall not be more
than 5 crore rupees.
by the common relationship. A
OR
huf is a legal term related to the
(ii) Turnover of which as per
Hindu Marriage Act. The female
its last profit & loss account
members are also given the right of
does not exceed 2 crore rupees
share to the property in the HUF.
or such higher amount as may
Cooperative: It is a firm owned,
be prescribed which shall not be
controlled, & operated by a group
more than 20 crore rupees.
of users for their own benefit. Each Public Limited Company: A
member contributes equity capital, company whose securities are
& shares in the control of the firm traded on a stock exchange & can
on the basis of one-member, one- be bought & sold by anyone. Its
vote principle. formation, working & its winding
Dormant Company: The up, in fact, all its activities are
Companies Act 2013 (section 455) strictly governed by laws, rules &
introduces a concept of a dormant regulations.
company withein its ambet. The Public Sector Unit (PSU): The
Dormant Company is a company government owned corporations
formed & registered under this are termed as public sector
act for a future project or to hold undertakings (PSUs) in India. In
an asset or intellectual property a PSU majority (51% or more) of
& has no significant accounting the paid up share capital is held
transaction, such a company or by Central Government or by any
an inactive company may make an state government & partly by one
application to the registrar in such or more state governments.
Business B-333
BALANCE SHEET
A financial statement that summarizes a companys assets, liabilities and
shareholders equity at a specific point in time. These three balance sheet
segments give investors an idea as to what the company owns and owes, as
well as the amount invested by shareholders.
B-336 Business
SOURCES OF FUNDS
P
reference shares : entitle the Loans : A loan is a debt pronded
shareholder to a fixed periodic by entity (organisation of
income but generally donot give individual) to another entity at
him/her voting rights. an interest rate.
PERFORMANCE OF A COMPANY
Debt/Equity ratio : It is a debt Turnover ratio : The turnover ratio
ratio used to calculate companys measures how well a company is
financial leverage. It is calculated by utilizing its capital to support a given
dividing a companys total liabilities Level of Sales. A high turnover ratio
by its stockholders equity. It shows indicates that management is being
how much debt a corporation is extremely efficient is using a firms
using to fund its assets relative to short term assets & liabilities to
the amount of value represented in support sales. Conversely, a low ratio
shareholders equity. indicates that a business is investing
P/E ratio : The price-to earnings in too many accounts receivable &
ratio is an equity valuation multiple. inventory assets to support its sales,
It is defined as market price per which could eventually lead to an
share divided by annual earnings excessive amount of bad debts &
per share, (EPS = total income of
obsolete inventory
company divided by number of
shares issued)
ECOMMERCE IN INDIA
E-commerce or electronic commerce retail goods on the internet conducted
deals with the buying & selling of by the B2C category.
goods & services, or the transmitting As of Q1 2015, six Indian E-commerce
of funds or data, over an electronic companies have managed to achieve
platform, mainly the internet. These billiondollar valuations, namely
business transactions are categorised Flipkart, Snapdeal, Inmobi, Quikr,
into Ola cabs & Paytm.
Business to Business (B2B)
Business to Consumers (B2C) Mobile Commerce
Consumer to Consumer (C2B) (M Commerce)
Consumer to Business(C2C) MCommerce is the buying & selling
Business to Business to Consumer of goods & services through wireless
Ecommerce processes are conducted handheld services such as cellular
using applications, such as Email, telephone & personal digital assistants.
fax, online catalogues & shopping The phrase mobile commerce was
carts, electronic data interchange, originally coined in 1997 by Kevin
file transfer protocol & web services Duffey at the launch of the Global
& enewsletters to subscribers. E Mobile Commerce Forum. Mobile
Travel is the most popular form of Commerce transaction continues
Ecommerce, followed by eTail to grow, & the term includes online
which essentially means selling of banking, Bill payment & so on.
MNC
A corporation that has its facilities agencies i.e., non-governmental
and other assets in at least one organizations to be awarded
country other than its home country. observer status at its assemblies
Such companies have offices and/ and some of its meetings. Later
or factories in different countries the term became used more widely.
and usually have a centralized head Today, according to the UN, any
office where they co-ordinate global kind of private organization that is
management. It can also be referred independent from government control
as an international corporation, a can be termed an NGO, provided it
transnational corporation, or a is not-for-profit, nonprevention, and
stateless corporation. not simply an opposition political
party.
NGO Examples include improving the
A non-governmental organization state of the natural environment,
(NGO) is an organization that is encouraging the observance of human
neither a part of a government nor a rights, improving the welfare of the
conventional for-profit business. disadvantaged, or representing a
The term non-governmental corporate agenda. However, there are
organization was first coined in a huge number of such organizations
1945, when the United Nations and their goals cover a broad range
(UN) was created.The UN, itself of political and philosophical
an inter-governmental organization, positions. This can also easily be
made it possible for certain approved applied to private schools and athletic
specialized international non-state organizations.
Business B-339
Term Meaning
Opportunity Cost Cost in terms of foregone alternatives.
Logistics Process of strategically managing the efficient flow & storage
of raw materials, in-process inventory, & finished goods from
point of origin to point of consumption.
Equity Difference between market value of a property & claims held
against it.
Merger Combination of two or more companies into a single firm.
Acquisition Taking over the control of one company by another.
Hedging A Risk management Strategy used in limiting or offsetting
probability of loss from fluctuations in the prices of
commodities, currencies, or securities.
Intellectual Property Knowledge, creative ideas, or expressions of human mind that
have commercial value & are protectable under copyright,
patent, servicemark, trademark, or trade secret laws from
imitation infringement, & dilution.
Swap Exchange of one type of asset, cash flow, investment, liability,
or payment for another.
Bankrupt When individual/company cannot pay their debts & are not
able to reach an agreement with their creditors.
Liquidity How quickly assets can be converted into cash.
BUSINESS CONCEPTS
Agent : A business entity that finished goods or materials to be used
negotiates, purchases, and/or sells, to manufacture goods.
but does not take title to the goods. Outsourcing Purchasing an item or
Doing Business As (DBA) DBA a service from an outside vendor to
stands for Doing Business As, replace performance of the task with
which is a company name, also an organizations internal operations.
commonly called a Fictitious SWOT analysis A formal
business name. When a sole framework of identifying and framing
proprietor operates a company using organizational growth opportunities.
any name except his or her own given SWOT is an acronym for an
name, then the DBA or ficticious organizations internal Strengths
business name registration establishes and Weaknesses and external
the legal ownership to satisfy banks, Opportunities and Threats.
local authorities, and customers. CRM- C-R-M stands for Customer
Ideas vs opportunities Ideas Relationship Management. At its
are the basis of potential business simplest, a CRM system allows
opportunities. Good ideas do businesses to manage business
not necessarily represent good relationships and the data and
opportunities. information associated with them.
Initial Public Offering (IPO) A Supply Chain Management
corporations initial efforts of raising (SCM) is the oversight of materials,
capital through the sale of securities information, and finances as they
on the public stock market. move in a process from supplier
Inventory Goods in stock, either to manufacturer to wholesaler to
Business B-341