Tag: principle

What is 'Tax Arbitrage' The practice of profiting from differences between the way transactions are treated for tax purposes. The complexity of...

What is a 'Tax Benefit' A tax benefit is an allowable deduction on a tax return intended to reduce a taxpayer's burden...

Most people have heard of unallocated benefits, but don't really know what they are or how they work. In this post, we will explore...

What is 'Uberrimae Fidei Contract' A legal agreement requiring the highest standard good faith. "Uberrimae fidei" or "uberrima fides" is Latin for...

DefinitionIn economics, diminishing returns is the decrease in the marginal output of a production process as the amount of a single factor of production...

DefinitionIn microeconomics, the law of demand states that, "conditional on all else being equal, as the price of a good increases, quantity demanded decreases...

DefinitionIn probability theory, the law of large numbers is a theorem that describes the result of performing the same experiment a large number of...

DefinitionThe law of supply is a fundamental principle of economic theory which states that, keeping other factors constant, an increase in price results in...

DefinitionIn microeconomics, supply and demand is an economic model of price determination in a market. It postulates that, holding all else equal, in a...

Definition The Pareto principle states that, for many events, roughly 80% of the effects come from 20% of the causes. Management consultant Joseph M. Juran...