Asset protection is the legal process of shielding assets from creditors and other claimants. The goal of asset protection is to insulate assets from seizure by creditors, lawsuits, and other legal actions. There are a number of strategies that can be used to protect assets, including: -Placing assets in a trust -Transferring ownership of assets … Read more
Attestation is a process through which a third party validates the authenticity of a document or other asset. This can be done through a variety of means, but typically involves some form of verification that the asset in question is genuine and has not been tampered with. In the context of economics, attestation is often … Read more
How They Work, With Example.. What are liquidated damages? Liquidated damages are a type of damages that are specifically set forth in a contract in order to provide compensation to a party in the event that the other party breaches the contract. For example, if Party A agrees to pay Party B $100 per day … Read more
A quantity discount is a reduction in the price of a good or service for buyers who purchase large quantities. The discount is usually given as a percentage of the total purchase price. The size of the discount depends on the amount purchased and the terms of the discount. For example, a common quantity discount … Read more
Normal or necessary good in economics: definition and examples. What do you mean by inferior good give example? Inferior goods are those which people purchase in smaller quantities as their incomes rise. An example of an inferior good is bus travel, which people may switch to using a car as their incomes increase. What is … Read more
Punitive damages are a type of damages that may be awarded in a civil lawsuit in order to punish the defendant for their actions. These damages are typically only awarded in cases where the defendant’s actions were particularly egregious, such as in cases of fraud or intentional harm. Punitive damages are meant to discourage the … Read more
In general, collusion is an agreement between two or more individuals, businesses, or other entities to act together in order to gain an unfair advantage over others. The term can be used to describe both legal and illegal agreements, although the latter is more commonly associated with the word. There are a number of ways … Read more
. What is the Long Run? The long run is a period of time in which all factors of production and costs are variable. This contrasts with the short run, in which at least one factor of production is fixed. The long run is also known as the “planning period.” What is long run and … Read more
The term “statutory liability” refers to a legal obligation that is imposed on an individual or organization by a law or statute. This type of liability is typically incurred in the course of business operations, and can arise from either intentional or unintentional actions. Statutory liability can be divided into two broad categories: civil liability … Read more
In microeconomics, switching costs are the barriers to entry that a company faces when trying to enter a new market. They can take many forms, such as the cost of setting up a new production facility, the cost of marketing to new customers, or the cost of training employees on new products or processes. Switching … Read more
