Economic Order Quantity (EOQ)
– used to determine the quantity of supplies to order one at a time. The EOQ model is applied when the inventory item is ordered from a third party, thus the company itself is not producting the item under consideration.

however,

Economic Order Point (EOP)
– is simply the optimal point in which inventory should be re-ordered. The EOP is applied in inventory management, as it is widely used in industries to optimize stock levels, prevent stockouts and reduce holding cost.