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SME
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SMI
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Social Cost
Cost paid by a supplier or consumer
that must be included in production and
consumption decisions and any other external
costs to society arising from the production or
consumption of a good or service.
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Social Responsibility
An ethical theory that
states businesses and people have a duty to
act in the best interests of society as a whole.
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Socioeconomic Program
The government's use
of public procurement to help implement
public policy (e.g., living wage requirements in
contracts and disadvantaged business goals).
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Soft Currency
A medium of exchange (i.e.,
money) that is highly sensitive and fluctuates
frequently (predominately lower) in reaction to
a country's economic or political uncertainty.
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Sole Proprietorship
An unincorporated business
that is owned and operated by one individual
with no distinction made between the owner
and the business.
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Sole Source Procurement
A non-competitive
method of procurement used when only one
supplier possesses the unique ability or
capability to meet the particular requirements
of the entity or when only one supplier is
practicably available.
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Solicitation
An Invitation for Bids, Request for
Proposals, telephone call, or any document
used to obtain bids or proposals for the
purpose of entering into a contract. See also:
Tender.
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Solicitation File
A file containing all responses received to a solicitation as well as other related documents (e.g., late submission and protest documentation, tabulation, no response or no bid submissions, and contract award documentation.)
