ECONOMIC ORDER QUANTITY Definition

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ECONOMIC ORDER QUANTITY is the order quantity that minimizes total inventory costs. A total inventory cost is the sum of ordering, carrying and stock-out costs.

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PRESCRIBED SECURITY generally means any bond, debenture, stock, stock certificate, Treasury bill or other like security, or any coupon, warrant or other document for the payment of money in respect of such a security, issued by a government authority.

VERIFIABILITY is where the fact is capable of being tested (verified or falsified) by experiment or observation.

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