8 Results for Tag: surplus

Balance Of Trade (BOT)

Balance Of Trade (BOT) What is 'Balance Of Trade - BOT' The balance of trade (BOT) is the difference between a country's imports and its exports for a given time period. The balance of tra

Valued Marine Policy

Valued Marine Policy What is 'Valued Marine Policy' A type of insurance coverage that places a specific value on the insured property, such as the hull or cargo of a shipping vessel. A val

Deadweight Loss Of Taxation

DefinitionIn economics, the excess burden of taxation, also known as the deadweight cost or deadweight loss of taxation, is one of the economic losses that society suffers as the result of t

Deadweight Loss

DefinitionA deadweight loss, also known as excess burden or allocative inefficiency, is a loss of economic efficiency that can occur when equilibrium for a good or a service is not achieved.

Unauthorized Insurance

Unauthorized Insurance What is 'Unauthorized Insurance' A phony plan that claims to provide financial protection against unforeseen and potentially catastrophic events. Unauthorized insura

Unauthorized Insurer

Unauthorized Insurer What is 'Unauthorized Insurer' A company that poses as an authorized provider of a financial protection plan. Unauthorized insurers are fraudulent operations that take

Law Of Diminishing Marginal Utility

Law Of Diminishing Marginal Utility What is the 'Law Of Diminishing Marginal Utility' The law of diminishing marginal utility is a law of economics stating that as a person increases consu

Labor Theory Of Value

Labor Theory Of Value What is the 'Labor Theory Of Value ' The labor theory of value was an early attempt by economists to explain why goods were exchanged for certain prices on the marke