The letters 'MEAT' stand for:
MEAT: Most economically advantageous tender
An approach to tendering which takes account not only of the selling price, but also other relevant factors.
'A purchasing procedure whereby potential suppliers are invited to make a firm and unequivocal offer of the price and terms on which they will supply specified goods or services which, on ac-ceptance, shall be the basis of the subsequent contract'
The 'firm and unequivocal offer' and 'the basis of a contract' indicate the reference to a formal and binding tender procedure. The answer is therefore 'invitation to tender'.
Which one of the following is a trading bloc?
EFTA.
The European Free Trade Agreement countries.
In a reverse online auction:
Bidders compete against each other, reducing bid prices until one winner is found - this is the sub-mission of the lowest-priced bid (unless stated otherwise in the auction documentation).
Revenue-earning possibilities which are foregone as a result of implementing a plan; the cost of not doing something else.
An opportunity cost is the cost of not being able to do something else.
For example, if a firm opts to build a new factory, it may not be able to create ten new retail outlets which was another option open to it, in spending these particular funds. Or if you buy a holiday, you may not be able to buy a new television. The television is the opportunity cost of the holiday ie the benefit foregone.
The other types of cost shown are methods of classifying actual (real) costs. Opportunity costs are, in a sense, not real; they are hypothesized and therefore do not show in the balance sheet or profit and loss account of a business.
