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In microeconomics, management and international political economy, vertical integration, also referred to as vertical consolidation, is an arrangement in which the supply chain of a company is integrated and owned by that company. Usually each member of the supply chain produces a different product or (market-specific) service, and the products ...
A vertical datum is a reference surface for vertical positions, such as the elevations of Earth features including terrain, bathymetry, water level, and human-made structures. An approximate definition of sea level is the datum WGS 84 , an ellipsoid , whereas a more accurate definition is Earth Gravitational Model 2008 (EGM2008), using at least ...
Multi-level (or multilevel) governance is a term used to describe the way power is spread vertically between levels of government and horizontally across multiple quasi-government and non-governmental organizations and actors. [ 1] This situation develops because countries have multiple levels of government including local, regional, state ...
The vertical archipelago is a term coined by sociologist and anthropologist John Victor Murra under the influence of economist Karl Polanyi to describe the native Andean agricultural economic model of accessing and distributing resources. While some cultures developed market economies, the predominant models were systems of barter and shared labor.
Horizontal and vertical market. The medicine industry is an example of a vertical market. A vertical market is a market in which vendors offer goods and services specific to an industry, trade, profession, or other group of customers with specialized needs. A horizontal market is a market in which a product or service meets the needs of a wide ...
Equity, or economic equality, is the construct, concept or idea of fairness in economics and justice in the distribution of wealth, resources, and taxation within a society. Equity is closely tied to taxation policies, welfare economics, and the discussions of public finance, influencing how resources are allocated among different segments of ...
In the three-dimensional case, the situation is more complicated as now one has horizontal and vertical planes in addition to horizontal and vertical lines. Consider a point P and designate a direction through P as vertical. A plane which contains P and is normal to the designated direction is the horizontal plane at P.
The Break-Even Point. The break-even point (BEP) in economics, business —and specifically cost accounting —is the point at which total cost and total revenue are equal, i.e. "even". In layman's terms, after all costs are paid for there is neither profit nor loss. [ 1][ 2] In economics specifically, the term has a broader definition; even if ...