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Financial Glossary – J

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J-Curve – refers to the trend of a nation’s trade balance immediately after a devaluation under a specific set of assumptions. The trade balance initially worsens after the devaluation. After a while, the desired effect – greater exports and reduced imports – starts to kick in. J-curves also exist when calculating returns and losses on private equity. The Davies J-Curve shows that social unrest occurs when an unexpected recession is preceded by many years of economic growth and high expectations.

Job – this word has many meanings: 1. A part-time or full-time position of paid employment. 2. The execution or performance of a task, as in ‘He did a terrible job!’ 3. A duty or responsibility. 4. A specific task carried out as part of the routine of a person’s occupation. 5. A piece of work, generally at an agreed price. 6. A robbery, as in ‘John Smith is suspected of being responsible for the string of bank jobs in South London’.

Job Characteristics Theory – also called the Core Characteristics Model, is a work design theory developed forty years ago. It is widely used today as a framework to study how matched an employee is to his or her job, and if job redesign is required, how to go about it. The aim is to reduce job dissatisfaction, minimize absenteeism and turnover, increase motivation, and ultimately optimize the productivity of the worker.

Joint Supply – a term used in economics that refers to a product that turns into two or more other products (by-products). For example, a farmer breeds cattle, which eventually are sold to consumers as a number of different product, such as beef, milk, cheese, butter, yogurt and leather products.

Joint Venture – a partnership between two or more parties that each contribute capital and assets. The parties involved may be groups of people, corporations, companies and even governments.

Jumbo Mortgage – a mortgage loan that offers more than a conventional loan. It does not have the same rules and limits imposed by Fannie Mae and Freddie Mac compared to a conventional loan. Most jumbo mortgages charge higher interest rates than conventional loans.

Just in Case – also known as JIC or Just in Case Manufacturing, is the traditional inventory and/or production management model used by companies. Levels of stock of finished goods and raw materials are maintained at the highest levels possible. The aim of this strategy is to be prepared for unexpected events, such as a very large order or a halt in supplies. It is the opposite of Just in Time.

Just in Time – an inventory or manufacturing strategy in which companies keep stock levels at an absolute minimum. As orders come in, suppliers are contacted to make immediate deliveries of the raw materials and components required for manufacturing finished products. It is the opposite of Just in Case. Japanese car-maker Toyota started ‘just in time’ in the 1960s – it was known as the Toyota Production System. North America and Western Europe began adopting the strategy in the late 1970s.