ORDER Definition

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ORDER is a listing of goods or services requested from a supplier with specifications and desired delivery method.  A company starts the purchase process internally with a requisition, which results in an order being transmitted to a supplier.  When the supplier ships the goods or provides the service, an invoice is sent to the customer telling the customer the specifications, delivery method, and price of those goods or services.

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INDIFFERENCE POINT is that point on the indifference curve where the compared values intersect. See INDIFFERENCE CURVE.

LIQUID ASSET is cash and any asset that can quickly be converted into cash (e.g., cash, checks and easily-convertible securities).

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