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when considering the implication of economic activity economists only use perfect competition models a such the term imperfect market is somewhat misleading most people will assume an imperfect market is deeply flawed or undesirable however this is not always the case the range of market imperfections is as wide as the... | consequences of imperfect marketsnot all market imperfections are harmless or natural situations can arise in which too few sellers control too much of a single market or when prices fail to adequately adjust to material changes in market conditions it is from these instances that the majority of economic debate origin... | |
when at least one condition of a perfect market is not met it can lead to an imperfect market every industry has some form of imperfection imperfect competition can be found in the following structures | this is a structure in which there is only one dominant seller products offered by this entity have no substitutes these markets have high barriers to entry and a single seller who sets the prices on goods and services prices can change without notice to consumers this structure has many buyers but few sellers these fe... | |
what is an implicit cost | an implicit cost is any cost that has already occurred but is not necessarily shown or reported as a separate expense it represents an opportunity cost that arises when a company uses internal resources toward a project without any explicit compensation for the utilization of resources this means when a company allocat... | |
when a company hires a new employee there are implicit costs to train that employee if a manager allocates eight hours of an existing employee s day to teach this new team member the implicit costs would be the existing employee s hourly wage multiplied by eight this is because the hours could have been allocated towar... | another example of an implicit cost involves small business owners who may decide to pass on taking a salary in the early stages of operations to reduce costs and increase revenue they provide the business with their skill in lieu of a salary which becomes an implicit cost | |
what is an example of an implicit cost | an implicit cost is an opportunity cost a resource that could be utilized elsewhere an example would be an individual who starts a business and while working is not making any money the labor they put into starting their business could be utilized in another job where they would earn a salary their labor in the busines... | |
what are examples of explicit costs | explicit costs are specific costs of a business that are normal in the course of operations and are directly linked to a firm s profitability examples include wages utilities advertising raw materials and rent | |
is labor an implicit cost | labor can technically be an implicit and explicit cost in regard to employees when wages and salaries are paid labor is an explicit cost to a business when wages or salaries are foregone such as that for an entrepreneur starting their own business labor would be an implicit cost the bottom lineimplicit costs are not re... | |
what is implied authority | implied authority refers to an agent with the jurisdiction to perform acts that are reasonably necessary to accomplish the purpose of an organization under contract law implied authority figures have the ability to make a legally binding contract on behalf of another person or company | |
how implied authority works | implied authority is an authority that is not express or written into a contract like actual authority but it is authority an agent is assumed to have in order to transact the business for a principal implied authority is incidental to express authority since not every single detail of an agent s authority can be spell... | |
what is an implied contract | an implied contract is a legally binding obligation that derives from the actions conduct or circumstances of one or more parties in an agreement it has the same legal force as an express contract which is a contract that is voluntarily entered into and agreed on verbally or in writing by two or more parties the implie... | |
when a product is purchased it must be capable of fulfilling its function a new refrigerator must keep food cool or either the manufacturer or the seller has failed to meet the terms of an implied contract | an implied contract is sometimes difficult to enforce because proving the justice of the claim is a matter of argument not a simple matter of producing a signed document in addition some jurisdictions place limits on implied contracts for example a contract for a real estate transaction must be backed up by a written c... | |
what is an implied contract vs an express contract | express and most implied contracts require mutual agreement and a meeting of the minds however an express contract is formally arranged through an oral or written agreement an implied contract is formed by circumstances or the actions of parties a real estate contract is an express contract that must be formed in writi... | |
do implied contracts hold up in court | implied contracts are legally enforceable and can be held up in court however proving that there is or was a contract could be challenging compared to ones formed orally or in writing courts will often review among other things the relationship between parties whether previous agreements were established and duties per... | |
what are the types of implied contracts and how do they differ | implied contracts are either implied in fact or implied in law implied in fact agreements are made when parties perform duties as if they have a contract in place implied in fact assumes that parties understand the terms of the agreement and what actions must be taken on the contrary an implied in law contract is not f... | |
what are the requirements for an implied contract | requirements for an implied contract differ based on the type of implied contract that is assumed neither are formed orally or in writing for an implied in fact contract there must be an offer an acceptance of the offer mutual agreement and consideration the terms and execution of the agreement will be evidenced by the... | |
what is the implied rate | the implied rate is the difference between the spot interest rate and the interest rate for the forward or futures delivery date understanding the implied ratethe implied interest rate gives investors a way to compare returns across investments and evaluate the risk and return characteristics of that particular securit... | |
where time length of the forward contract in years | implied rate examplesif the spot price for a barrel of oil is 68 and a one year futures contract for a barrel of oil is 71 the implied interest rate is implied rate 71 68 1 1 1 4 41 divide the futures price of 71 by the spot price of 68 since this is a one year contract the ratio is simply raised to the power of 1 1 ti... | |
what is implied volatility iv | the term implied volatility refers to a metric that captures the market s view of the likelihood of future changes in a given security s price investors can use implied volatility to project future moves and supply and demand and often employ it to price options contracts implied volatility isn t the same as historical... | |
how implied volatility iv works | implied volatility iv is essentially a measure of how much the market believes the price of a stock or other underlying asset will move in the future and is a key factor in determining the price of an options contract when traders buy or sell options they re not just gaining exposure to the direction of the stock price... | |
how does implied volatility work | implied volatility measures the market s expectation of future price fluctuations for a financial instrument such as a stock or option it is derived from the market price of options and reflects investors perceptions of uncertainty or risk associated with the underlying asset s future movements historical volatility vs... | |
how is implied volatility computed | since implied volatility is embedded in an option s price one needs to re arrange an options pricing model s formula to solve for volatility instead of the price since the current price is known in the market | |
how do changes in implied volatility affect options prices | regardless of whether an option is a call or put its price or premium will increase as implied volatility increases this is because an option s value is based on the likelihood that it will finish in the money itm since volatility measures the extent of price movements the more volatility there is the larger future pri... | |
what is an import | an import is a good or service bought in one country that was produced in another imports and exports are the components of international trade if the value of a country s imports exceeds the value of its exports the country has a negative balance of trade also known as a trade deficit the united states has run a trade... | |
what is import duty | import duty is a tax collected on imports and some exports by a country s customs authorities a good s value will usually dictate the import duty depending on the context import duty may also be known as a customs duty tariff import tax or import tariff import duty explainedimport duties have two distinct purposes rais... | |
what is import substitution industrialization isi | import substitution industrialization isi is a theory of economics that s typically adhered to by developing countries or emerging market nations as they seek to decrease their dependence on developed countries the approach targets the protection and incubation of newly formed domestic industries to fully develop secto... | |
how does a tariff work | a tariff works like a tax it can be a flat rate charged on one item or a percentage of that item s value tariffs are normally found in international trade markets they re commonly used as a way to protect domestic producers and the country s economy 3 | |
what are some examples of a protectionist trade policy | a protectionist trade policy is legislation that blocks or restricts international trade tariffs are an example of protectionist policy as are import quotas that limit how many products a country can import 4 | |
what are keynesian economics | the concept of keynesian economics is credited to british economist john maynard keynes keynes economics include the theory that individuals save more during a recession but this is a detriment to an ailing economy keynes also believed that lowering interest rates wouldn t increase demand for products perhaps most nota... | |
what is an impression | an impression is a metric used to quantify the number of digital views or engagements of a piece of content usually an advertisement digital post or web page impressions are also referred to as an ad view they are used in online advertising which often pays on a per impression basis counting impressions is essential to... | |
how impressions work | broadly one impression is equal to each occurrence of a web page ad or piece of content being found and loaded because it is accessible to both measure and understand it has become the most convenient and economical way to determine whether an advertisement is being seen or not but exactly how that figure is interprete... | |
what is imprest | an imprest is a cash account that a business relies on to pay for small routine expenses funds contained in imprests are regularly replenished in order to maintain a fixed balance the term imprest can also refer to a monetary advance given to a person for a specific purpose | |
how imprest works | the most well known type of imprest is a petty cash account which is used to cover smaller transactions when it s impractical or inconvenient to cut checks such accounts maintain a set amount of cash on site which can be used to reimburse employees and pay for small expenses petty cash funds are typically handled by cu... | |
what is an imprest account used for | companies keep cash on hand in imprest to pay for incidentals like office supplies small reimbursements or other minor expenses similar to petty cash imprest should not be used for material expenses such as utilities or to purchase assets for the firm | |
where does the word imprest come from | the word is derived from the early italian or medieval latin imprestare which meant to lend thus an imprest now means a small advance of funds used for incidentals and which must be replenished after use | |
how else is the term imprest used | in addition to funds used by a business an imprest may also refer to money paid to someone for doing work on behalf of a government in this case the government advances the funds prior to the work being completed | |
what is an impulse wave pattern | an impulse wave pattern is an indication of a strong move in a financial asset s price coinciding with the main direction of the underlying trend impulse waves can refer to upward movements in uptrends or downward movements in downtrends the term is used frequently by adherents of elliott wave theory a method for analy... | |
how do market news and events impact impulse wave patterns | market news and events can influence the formation and disruption of impulse wave patterns unexpected developments may lead to shifts in sentiment impacting the expected wave patterns traders should consider both technical analysis and external factors | |
what is the role of market sentiment in the formation of impulse waves | market sentiment plays a crucial role in the formation of impulse waves the collective psychology of traders influences the strength and direction of these waves further enforcing the structure and expected price directions | |
do impulse waves behave differently in cryptocurrency markets | cryptocurrency markets may exhibit variations in impulse wave behavior due to generally higher volatility and stronger market sentiment unique to the crypto space the bottom lineimpulse wave patterns a fundamental concept in elliott wave theory consist of a five wave structure with three upward moving motive waves and ... | |
what is imputed value | imputed value also known as estimated imputation is an assumed value given to an item when the actual value is not known or available imputed values are a logical or implicit value for an item or time set wherein a true value has yet to be ascertained an imputed value would be the best guess estimate used to forecast a... | |
what is imputed interest | imputed interest is a term used in tax law to describe a situation where a lender charges no interest on a loan but the internal revenue service irs considers the loan to have been made at an interest rate that is imputed or implied by market conditions this can happen when a lender charges a lower interest rate than t... | |
when calculating imputed interest on a zero coupon bond an investor first determines the bond s yield to maturity ytm assuming the accrual period is one year the investor divides the face value of the bond by the price paid when it was purchased the investor then increases the value by a power equal to one divided by t... | because the adjusted purchase price of a zero coupon bond is initially equal to its purchase price when issued the accrued interest gained over each accrual period adds to the adjusted purchase price the accrued interest is the initial adjusted purchase price multiplied by the ytm this value is the imputed interest for... | |
how do you compute imputed interest | the calculation of imputed interest can vary depending on the specific circumstances of the loan and the applicable tax laws in general however the imputed interest on a loan is the difference between the actual interest rate charged by the lender and the market interest rate for a similar loan this difference is then ... | |
what is in app purchasing | in app purchasing refers to the buying of goods and services from inside an application on a mobile device such as a smartphone or tablet in app purchases allow developers to provide their applications for free the developer then advertises upgrades to the paid version paid feature unlocks special items for sale or eve... | |
what is in escrow | in financial transactions the term in escrow indicates a temporary condition of an item such as money or property that has been transferred to a third party this transfer is usually done on behalf of a buyer and seller in escrow is a type of legal holding account for items which can t be released until predetermined co... | |
what is in house | in house refers to an activity or operation that is performed within a company instead of relying on outsourcing the firm uses its own employees and time to perform a business activity such as financing or brokering this is the opposite of outsourcing which involves hiring outside assistance often through another busin... | |
when dealing with customers a firm may try to keep the entire transaction in house for example in house financing is a common practice in certain industries this form of financing works by using the firm s resources to extend the customer s credit with the firm potentially benefiting from any associated interest paymen... | for a brokerage the firm may try to match a client s order with another customer creating an in house transaction this allows the firm to benefit from both the buy and sell side commissions and potentially lowering other administrative costs in house financing is a type of seller financing in which a firm extends custo... | |
when to outsource vs in house | in sourcing provides a company with greater control over the execution of in house tasks since it is the direct employer however investing in specialized full time staff can be expensive particularly if their work is only needed intermittently for example most small companies would not need an in house legal team for t... | |
what is the main advantage of an in house approach | a company retains greater control over operations by keeping them in house than they would exercise by outsourcing these roles to a contractor in addition they also have the benefit of in house specialists who are intimately familiar with the company s business and brand compared to an outside company that may be less ... | |
what is the difference between in house and outsourcing | outsourcing is the practice of hiring an outside company or contractor to perform work whereas in housing also known as insourcing is the practice of assigning this work to existing employees | |
is it better to outsource or keep in house | there are benefits and disadvantages to outsourcing certain roles as there are with keeping those operations in house a company has greater control over the direction and management of work by its in house employees than it would over an outside contractor on the other hand outside companies may have more experience an... | |
what does in house recruitment mean | in house recruitment is when a company directly advertises interviews and hires a new employee to fill an open role the alternative is to outsource hiring to a professional recruiting agency | |
what is in house financing | the term in house financing refers to financing that is provided directly to consumers by retailers or other firms it allows people to purchase and finance goods and services directly from the seller in house financing eliminates the firm s reliance on third party lenders in the financial sector for providing the custo... | |
how does in house car financing work | in house car financing is when a car dealership lends their customers part of the purchase price for their car this provides the dealer with an additional income stream from the customer s interest payments while allowing the customer to buy a car that they might not have qualified for otherwise however because in hous... | |
is bank or in house financing better for buying a car | there is no clear winner between banks and dealer financing and it may be worth comparing interest rates from both before making a decision a car loan from a bank represents the true interest rate while dealers may charge a markup or extra fees for financing a car on the other hand dealers specialize in auto loans and ... | |
why do stores offer in house financing | many retail stores offer in house financing or store credit cards because these represent an additional source of revenue from their customers while the interest rates tend to be higher than typical credit cards they may come with rewards or perks that can be worthwhile to frequent shoppers | |
what is an in service withdrawal | an in service withdrawal occurs when an employee takes a distribution from a qualified employer sponsored retirement plan such as a 401 k account without leaving the employ of their company this may occur without a tax penalty any time after the employee reaches age 59 or if the employee withdraws up to 10 000 to purch... | |
what to ask your plan administrator about in service withdrawals | if you don t like your current investment options and want to move some or all of your 401 k money to an ira that has better choices you ll need to search for the faq pages or call and ask direct questions of the company which manages your retirement plan look for the answer to these four questions since only about 30 ... | |
what types of retirement accounts allow in service withdrawals | today most defined contribution plans such as 401 k 403 b 457 and thrift savings plan tsp allow for in service withdrawals | |
when can you start to take in service withdrawals | you can begin taking in service withdrawals from a retirement account if you are still employed at age 59 if you take it out sooner you will be subject to a 10 early withdrawal penalty in addition to any deferred taxes due can you contribute to a retirement plan if you are also taking in service withdrawals yes you can... | |
what is in specie | the phrase in specie is used to describe the transfer of an asset as it is in its current form rather than in its cash equivalent in specie is a latin phrase that is translated to english as in its actual form assets that are commonly transferred in specie are property shares or dividends there are tax benefits to some... | |
is it in specie or in kind | in specie and in kind can be used interchangeably when you make a transfer in specie or in kind it means that an asset is transferred from one party to another in the same form for instance investors may hold shares in one company if that company is purchased by another the acquiring company may tender an offer of shar... | |
why are in specie transfers popular among investors | in specie transfers provide investors with a lot of flexibility and favorable tax treatment for instance an investor who wants to simplify their trading or portfolio management can buy and sell assets in specie or in kind rather than liquidating them and buying them again with cash because an in specie transaction does... | |
are there any risks associated with in specie transfers | some of the common risks associated with in specie transfers are market and valuation risks volatility in the market can affect the value of assets including real estate stock shares and other types of real property evaluating certain assets may also be problematic for instance collectibles like art and coins can be di... | |
what is in the money itm | the phrase in the money itm refers to an option that possesses intrinsic value an option that s in the money is an option that presents a profit opportunity due to the relationship between the strike price and the prevailing market price of the underlying asset due to the expenses such as commissions involved with opti... | |
an incentive stock option iso gives an employee the right to buy shares of company stock at a discounted price the profit on qualified isos is usually taxed at the capital gains rate not the higher rate for ordinary income non qualified stock options nsos are taxed as ordinary income generally isos are awarded only to ... | understanding incentive stock options isos incentive or statutory stock options are offered by some companies to encourage employees to remain with them long term and contribute to their growth and development isos are usually issued by publicly traded companies or private companies planning to go public they require a... | |
how incentive stock options isos work | stock options are issued or granted by a company that sets their price called the strike price this is typically about the value of the shares at the time isos are issued on the grant date and employees exercise their right to buy the options on the exercise date once the options are exercised the employee can either s... | |
what is the incidence rate | the term incidence rate refers to the rate at which a new event occurs over a specified period of time put simply the incidence rate is the number of new cases within a time period the numerator as a proportion of the number of people at risk for the disease the denominator this measure is commonly used in epidemiology... | |
how incidence rates work | experts commonly use incidence rates to determine the probability of an outbreak of disease illness or accidents in a given population as such it is commonly used among health experts who often also refer to it as incidence 1 in the case that the incidence rate is not discussing a disease it may cover other topics such... | |
how to calculate incidence rates | in order to calculate the incidence rate of a particular event take the number of new instances of the event in question disease illness accident financial event during a specific period of time and divide that by the total population at risk during that period of time 21 experts must determine the length of time and t... | |
how do you interpret an incidence rate ratio | the incidence rate ratio refers to the ratio of two different rates of incidence both are required to have the same time period when calculating them individually | |
how do you calculate incidence rates in market research | in market research incidence rate refers to the frequency of people who are able to take part in a particular study this is calculated by taking the total number of people who are qualified to participate by the total number of those who responded to the call for the study including those who didn t qualify to take par... | |
how do you calculate person time incidence rates | person time incidence rates which are also known as incidence density rates are determined by taking the total number of new cases of an event and dividing that by the sum of the person time of the at risk population | |
what is the incidence rate of hiv in the u s | experts indicate that the incidence rate of hiv in the u s remains stable in 2021 t was reported to be 13 3 per 100 000 people 5the bottom lineincidence rates are commonly used by experts in a variety of fields from health care to the financial industry by studying the probability of occurrences of things like disease ... | |
what is the incidence rate | the term incidence rate refers to the rate at which a new event occurs over a specified period of time put simply the incidence rate is the number of new cases within a time period the numerator as a proportion of the number of people at risk for the disease the denominator this measure is commonly used in epidemiology... | |
how incidence rates work | experts commonly use incidence rates to determine the probability of an outbreak of disease illness or accidents in a given population as such it is commonly used among health experts who often also refer to it as incidence 1 in the case that the incidence rate is not discussing a disease it may cover other topics such... | |
how to calculate incidence rates | in order to calculate the incidence rate of a particular event take the number of new instances of the event in question disease illness accident financial event during a specific period of time and divide that by the total population at risk during that period of time 21 experts must determine the length of time and t... | |
how do you interpret an incidence rate ratio | the incidence rate ratio refers to the ratio of two different rates of incidence both are required to have the same time period when calculating them individually | |
how do you calculate incidence rates in market research | in market research incidence rate refers to the frequency of people who are able to take part in a particular study this is calculated by taking the total number of people who are qualified to participate by the total number of those who responded to the call for the study including those who didn t qualify to take par... | |
how do you calculate person time incidence rates | person time incidence rates which are also known as incidence density rates are determined by taking the total number of new cases of an event and dividing that by the sum of the person time of the at risk population | |
what is the incidence rate of hiv in the u s | experts indicate that the incidence rate of hiv in the u s remains stable in 2021 t was reported to be 13 3 per 100 000 people 5the bottom lineincidence rates are commonly used by experts in a variety of fields from health care to the financial industry by studying the probability of occurrences of things like disease ... | |
income is the money you receive in exchange for your labor or products income may have different definitions depending on the context for example taxation financial accounting or economic analysis | for most people income is their total earnings in the form of wages and salaries the return on their investments pension distributions and other receipts for businesses income is the revenue from selling services products and any interest and dividends received with respect to their cash accounts and reserves related t... | |
what is income | there are different terms for income depending on the quantity being measured gross income is the total value of your salary or payments without accounting for any cash outflows net income refers to the income left over after subtracting taxes or fees 1you discretionary income is the amount you have available after pay... | |
how is earned income taxed | earned income is the money a person receives due to working or business activities such as earning a salary self employment income or certain government benefits this is distinct from unearned income such as receiving an inheritance capital gains or qualified dividends earned income is subject to different taxes than u... | |
is there a standard definition of income | the definition of income depends on the context in which the term is used for example the tax law uses the concepts of gross income which includes all income in all its forms and taxable income which is gross income net of expenses and other adjustments on the other hand the standard for financial accounting generally ... | |
what is taxable income | taxable income is the total of all income from all sources and in any form minus any tax exempt amounts or allowable deductions this is the amount that is subject to income taxation | |
which categories of income are tax exempt | federal state and local tax laws specify certain categories of income that are not subject to income taxation generally interest paid on state and local government bonds is exempt from federal income tax federal law also exempts interest paid on some special narrow categories of federal agency debt state tax laws exemp... | |
what is not considered income | certain types of payments are not included in your taxable income by the irs they include inheritances and gifts alimony payments cash rebates child support most healthcare benefits qualifying adoption reimbursements and welfare payments scholarship payments and life insurance benefits may be taxable in certain situati... | |
is net income the same as profit | net income and profit are both business terms that refer to the excess of income over expenses however there is a difference net income is the difference between a company s total revenues and all expenses including overhead and operational costs taxes depreciation and amortization of assets and any other expenses prof... | |
what is an income annuity | an income annuity is an annuity contract that is designed to start paying income as soon as the policy is initiated once funded an income annuity is annuitized immediately although the underlying income units may be in either fixed or variable investments as such income payments may fluctuate over time an income annuit... | |
what is the income approach | the income approach sometimes referred to as the income capitalization approach is a type of real estate appraisal method that allows investors to estimate the value of a property based on the income the property generates it s used by taking the net operating income noi of the rent collected and dividing it by the cap... | |
how the income approach works | the income approach is typically used for income producing properties and is one of three popular approaches to appraising real estate the others are the cost approach and the comparison approach the income approach for real estate valuations is akin to the discounted cash flow dcf for finance the income approach disco... | |
when using the income approach for purchasing a rental property an investor considers the amount of income generated and other factors to determine how much the property may sell for under current market conditions in addition to determining whether the investor may profit from the rental property a lender will want to... | of the three methods for appraising real estate the income approach is considered the most involved and difficult special considerations | |
when using the income approach for purchasing a rental property an investor must also consider the condition of the property potential large repairs that may be needed can substantially cut into future profits | in addition an investor should consider how efficiently the property is operating for example the landlord may be giving tenants rent reductions in exchange for completing yard work or other responsibilities perhaps specific tenants are facing economic difficulties that should turn around in the next few months and the... | |
what is the income effect | the income effect in microeconomics is the resultant change in demand for a good or service caused by an increase or decrease in a consumer s purchasing power or real income as one s income grows the income effect predicts that people will begin to demand more and vice versa so called normal goods will exhibit this typ... | |
when the price of a product increases relative to other similar products consumers will tend to demand less of that product and increase their demand for the similar product as a substitute | normal goods vs inferior goodsnormal goods are those whose demand increases as people s incomes and purchasing power rise a normal good is defined as having an income elasticity of demand coefficient that is positive but less than one for normal goods the income effect and the substitution effect both work in the same ... | |
what does the income effect depict | the income effect is a part of consumer choice theory which relates preferences to consumption expenditures and consumer demand curves that expresses how changes in relative market prices and incomes impact consumption patterns for consumer goods and services in other words it is the change in demand for a good or serv... | |
what is the difference between the income effect and the price effect | the difference between the income effect and the price effect is that the income effect evaluates consumer spending habits based on a change in their income the price effect instead considers consumer spending habits based on a change in the price of a good or service | |
what is substitution effect | the substitution effect is the decrease in sales for a product that can be attributed to consumers switching to cheaper alternatives when its price rises a product may lose market share for many reasons but the substitution effect is purely a reflection of frugality if a brand raises its price some consumers will selec... | |
what are normal goods | normal goods are those whose demand increases as people s incomes and purchasing power rise as such a normal good will have a positive income elasticity of demand coefficient but it will be less than one this means that a decrease in the relative price of the good will result in an increase in quantity demanded both be... |
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