DefinitionThe knowledge economy is the use of knowledge to generate tangible and intangible values. Technology, and in particular, knowledge technology, helps to incorporate part of human kn

Killer Bees What is 'Killer Bees' An individual or firm that helps a company fend off a takeover attempt. A killer bee uses defensive strategies to keep an attempted hostile takeover from

Kicker Pattern What is 'Kicker Pattern' A two-bar candlestick pattern that is used to predict a change in the direction of the trend for an asset's price. This pattern is characterized by

DefinitionKanban is a scheduling system for lean manufacturing and just-in-time manufacturing. Taiichi Ohno, an industrial engineer at Toyota, developed kanban to improve manufacturing effic

Yield Variance What is 'Yield Variance' Yield variance is the difference between actual output and standard output of a production or manufacturing process, based on standard inputs of mat

Idle Time What is 'Idle Time' Idle time is unproductive time on the part of employees or machines as a result of factors beyond their control. Idle time is the time associated with waiting

DefinitionIn economics, an implicit cost, also called an imputed cost, implied cost, or notional cost, is the opportunity cost equal to what a firm must give up in order to use a factor of p

DefinitionImport substitution industrialization is a trade and economic policy which advocates replacing foreign imports with domestic production. ISI is based on the premise that a country

Natural Gas Equivalent What is 'Natural Gas Equivalent' The amount of energy used by the burning of natural gas versus that of crude oil. The term natural gas equivalent is used in the oil

DefinitionA variety of measures of national income and output are used in economics to estimate total economic activity in a country or region, including gross domestic product, gross nation