PROCUREMENT, from a business perspective, is the purchasing of services or materials.
IMPREST BASIS, in cash accounts, means that the exact amount of fund expenditures is replaced periodically.
ECONOMIES OF SCALE is based upon the theory that the more you produce of a good, the less that it costs for each additional unit, i.e., efficiency. Specifically, it is the reduction of the costs of production of goods due to increasing the size of the producing entity and the share of the total market for the good/product.
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