Demand for these goods increases at a slower rate in comparison to the increase in income. The income elasticity of demand for normal goods is a positive number that is […]

A law which applies to a normal individual who has no legal liabilities.

An inevitable and unavoidable decline in the production of goods and services.

A price that reflects the lowest possible average of the total cost of production with normal profit taken into consideration . It is the equilibrium price that is determined by […]

Profits that are earned in a perfectly competitive market, one that is required to attract and retain suppliers. Abnormally high or low profits will cause an unstable equilibrium due to […]

It refers to an increase in revenue after accounting for costs, taxes and expenses that are a part and parcel of business.

The retirement that is taken when the pension plan is considered normally deemable.

The greater of the normal retirement benefit or early retirement benefit that the employee is eligible to receive. Past medical or disability benefits are not considered when the normal retirement […]

The unavoidable spoilage that occurs to a product even if its operating at the best possible condition.

An outdated term that refers to standard temperature and pressure (STP)

Normal or positive yield curve refers the expected condition in financial markets where longterm debt instruments have a higher yield in comparison to short term ones.

1. Statistics: With the help of comparisons and peer review , it is the standardization of data that is obtained from various sources spanning different periods. 2. Database Programming: The […]

The average earnings of a business that takes into account several years while discounting inflation and onetime losses or gains.

A statement which allows for an accurate comparison by adjusting for nonrecurring items, and other such unusual items.

The tongue in which several formal proceedings of state in England are still carried on. The language, having remained the same since the date of the Conquest, at which it […]

A evaluative rather a descriptive approach used to determine the degree of conformity to the standard norms or recommendations. For example, normative data is used to understand the underlying phenomenon […]

A basis of this theory is the execution of an accounting process and not the observation aspect. The use of a single formula to derive the value based income, is […]

A commitment that is due to a group of individuals who possess an ideology similar to yours, or to an organization whose employees share a simililar obligation to yours.

In contrast to positive economics , normative economics deals with answering the question, ‘what ought to be.”, through attempts at determining the likability of various economic conditions.

The power excercised by the individuals of a group on a person that forces him to conform to the group’s accepted norm.

A model used to evaluate change or performance , it searches for alternative answers to the question, “what’s going on”. As such, it attempts to provide a standard of how […]

The indeterminability of the correctness or wrongness of an opinion or value judgement.

In English law . The title of the third of the three kings-at-arms , or pro- vincial heralds.

A term collectively used to refer to developed countries , most of whom are located to the north of developing countries (also known as the south)

A treaty between Canada, the US and Mexico that was legislated in 1994, which removes tariffs and other barriers to facilitate easy trade between these countries. It lasts between five […]