What is Mass Customization? Mass customization refers to a business process of providing customized goods and services that best meet individual customer’s needs. It reaps the benefits of flexibility, integration, and personalization to produce custom-made products with low unit costs at near mass production efficiency. Mass customization is a business strategy that focuses on customers…
What is Mass Production? Mass production is the manufacturing of the same standardized product lines for a prolonged period of time. It uses automation or assembly lines to facilitate the high volume production of similar products. Mass production is synonymous with continuous flow production or series reduction. The concept is identified with the rise in…
Who is Bernie Madoff? Bernie Madoff, a well-known Wall Street investment advisor, became world-famous for operating possibly the largest Ponzi scheme in history. When investigators for the FBI and the SEC finally uncovered the massive fraud in 2008, losses by Madoff’s investors were estimated at more than $50 billion over the course of nearly 20…
What is Distributable Net Income (DNI)? Distributable Net Income (DNI) is a term that describes the portion of a trust’s income allotted to the beneficiaries. The calculation of DNI is performed to distribute the income of the trust between itself and its beneficiaries. It provides beneficiaries with a dependable income source. The distributable…
What is a White-Collar Crime? White-collar crime is a non-violent crime where the primary motive is typically financial in nature. White-collar criminals usually occupy a professional position of power and/or prestige, and one that commands well above average compensation. The term “white-collar crime” was coined in the 1930s by sociologist and criminologist Edwin Sutherland. He…
What is Wire Fraud? Wire fraud is a criminal act of fraud or an attempt to commit fraud with the aid of some form of electronic communication – such as a telephone or computer – and/or communication facility. It is the means of communication used in a fraud scheme that distinguishes wire fraud from mail…
What is a Disposition? A disposition refers to the disposal of assets or securities through assignment, sale, or another transfer method. It is simply the transfer of an asset’s ownership, where the asset is either given away or sold. Dispositions involving an assignment and/or transfer can also be completed for accounting and tax purposes to…
What is Disposable Income? Disposable Income is the money that is available from an individual’s salary after he/she pays local, state, and federal taxes. It is also known as disposable personal income or net pay. The disposable income of a household includes earnings plus unemployment benefits and capital income. Disposable income is one of the…
What is Digital Currency? Digital currency is a payment system that is not based on fiat currency, but rather an alternative non-tangible currency. In practice, digital currency serves a similar practice to other currencies in terms of acting as payment in transactions. Unlike cash, digital currency lacks a physical form, therefore allowing for instantaneous transactions….
What is an Indifference Curve? An indifference curve is a contour line where utility remains constant across all points on the line. In economics, an indifference curve is a line drawn between different consumption bundles, on a graph charting the quantity of good A consumed versus the quantity of good B consumed. At each of…
