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binomial charge (D4)<br />A TWO-PART TARIFF consisting of a fixed payment that allows a consumer access to the service and variable payments related to the use made of the service, e.g. a telephone rental and telephone call charges.<br /><em>See also:</em> price discrimination

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moving averages (C1, E3)<br />A method of smoothing the fluctuations in a time series by calculating a series of ARITHMETIC MEANS. This is regularly used to eliminate seasonal fluctuations, e.g. a twelve-month moving average is calculated for January by dividing the sum of the values for January to December by 12, for February by dividing the sum of the values for the twelve months from February to the following January by 12, and so forth.

arbitration (J5)<br />Settlement of a dispute by referral to a third party, used in industrial relations and in many commercial disagreements. The arbitrator may be a court of law, an independent arbitrator chosen by the parties in dispute or a permanent government body, e.g. the ADVIS ORY, CONCILIATION AN D ARBITRATION SERVICE (UK). As arbitration is either voluntary or imposed, it can be binding, compulsory, mandatory or unilateral. Landlord and tenant, shipping and building contracts often use this method of resolving conflicts. Private arbitration, which may be instituted in advance by a contractual term, is cheaper and quicker than resort to litigation.<br /><em>See also:</em> pendulum arbitration

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