Archives: Terms

Definition of Cabotage Cabotage refers to the transportation of goods or passengers between two places in the same country by a transport operator from another country. It is a term most commonly associated with shipping, where foreign vessels transport cargo or passengers along domestic coastlines. Cabotage rights or laws restrict […]

Definition of Bygones The principle of bygones, often encapsulated in the phrase “let bygones be bygones,” particularly in common vernacular, finds profound relevance in economics. In economic theory, the term “bygones” implies that decisions should be made based on current and future potential benefits and costs, without regard to sunk […]

Definition of By-Product A by-product is a secondary product derived from a manufacturing process or chemical reaction, which is not the primary product or service being produced. In other words, it is an incidental or additional output generated during the production of a main product. By-products can be of value […]

Definition of Buy-Out A buy-out refers to the process of acquiring a controlling interest in a company, either by purchasing the majority of its stock shares or its assets. This can happen in various contexts, such as a private equity firm buying out a publicly traded company, leading to its […]

Definition of Business Rates Business rates are a local tax that businesses pay on their property in the United Kingdom. It is a form of non-domestic rates, calculated based on the rental value of the property that a business occupies. This tax is charged on most business properties such as […]

Definition of Business Expansion Scheme A Business Expansion Scheme (BES) is a governmental initiative designed to stimulate economic growth by encouraging investment in small to medium-sized enterprises (SMEs) and startups. These schemes often provide tax reliefs or incentives to individuals and companies that invest in qualifying businesses. The aim is […]

Definition of Business Ethics Business ethics refers to the principles, norms, and standards that guide individual and collective behavior in the world of commerce. Essentially, it encompasses the moral obligations and responsibilities businesses have towards their stakeholders, including employees, customers, society, and the environment. The core of business ethics is […]

Definition of Business A business is an organization or enterprising entity engaged in commercial, industrial, or professional activities. Businesses can be for-profit entities or non-profit organizations that operate to fulfill a charitable mission or further a social cause. The primary aim of a business is to provide goods and services […]

Definition of the Bureau of Economic Analysis (BEA) The Bureau of Economic Analysis (BEA) is an agency of the United States Department of Commerce that provides vital economic statistics, including the Gross Domestic Product (GDP) of the U.S., personal income and spending data, corporate profits, and international trade balance information. […]

Definition of Bundling Bundling refers to a marketing strategy where multiple products or services are offered as a single package deal at a combined price. This approach is often used to encourage customers to purchase additional products they might not have bought individually. Bundling can increase the perceived value of […]