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ZERO-BASE BUDGET: A method of budgeting expenditures in which each expenditure is justified on its overall merits rather than being based on the budget for the previous year. A zero-base budget is most often proposed (but seldom implemented) for governments. Governments generally establish budget expenditures based on expenditures for the previous year. If, for example, budget expenditures last year were $100 billion, the requested budget for this year might be set at $110 billion. The existing $100 billion is a "given" and only the extra $10 billion is justified. With a zero-base budget, the entire $110 billion is justified.
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TECHNICAL EFFICIENCY Obtaining the greatest possible production of goods and services from available resources. In other words, resources are not wasted in the production process. This is also considered as engineering efficiency and should be contrasted with economic or allocative efficiency.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet wanting to buy either several magazines on home repairs or a remote controlled sports car with an air spoiler. Be on the lookout for slightly overweight pizza delivery guys.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"Most of the things worth doing in the world had been declared impossible before they were done." -- Louis D. Brandeis, Supreme Court Justice
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SFA
Securities and Futures Authority (UK)
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