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Scrap
1. Salvageable materials with a market value
that are damaged, defective, or deteriorated.
2. Remaining residue from operations after a
project is completed.
The value of such materials exceeds the
expenses required to sell them. See also:
Rubbish, Waste.
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Sealed Bid
A formal submission from a bidder
submitted in response to an Invitation for Bids
(IFB). The bid is submitted in a sealed
envelope to prevent its contents from being
revealed before the time and date set for the
bid opening.
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Search Cost
The money, time, and energy
expended by a buyer to research a good or
service for purchase.
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Seconds
Usable products containing
imperfections or slight defects that may be
marked down below typical list price.
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Selective Distribution
A form of market coverage
whereby only a small number of all available
outlets are used to expose products.
(Business 2002)
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Self Evaluation
A self-assessment of the way a
person views themself and their work
performance and accomplishments.
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Self Insurance
Maintaining funds rather than
purchasing an insurance policy to cover a
loss.
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Self-Directed Work Team
A group of employees
who organize and manage themselves and
their work.
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Seller’s Lien
A lien in favor of a supplier granting
the supplier the right to withhold goods sold,
surrendering them only upon receipt of
payment.
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Seller’s Market
An economic situation in which
demand exceeds supply, allowing sellers to
keep prices high.
