Archives: Terms

Definition of Technical Standard Technical standards are established norms or requirements regarding technical systems. These standards ensure that products, services, and systems are safe, reliable, and consistently perform as intended. They are created by governments, standards organizations, trade unions, and professional societies to harmonize product specifications and ensure interoperability. Technical […]

Definition of Technical Progress Technical progress refers to the advancements in technology that increase the efficiency of production processes and foster economic growth. It encompasses improvements in knowledge, machinery, production techniques, and management practices that enable businesses to produce more output with the same or fewer inputs. Technical progress can […]

Definition of Technical Efficiency Technical efficiency refers to an entity’s ability to maximize output with a given set of inputs, such as labor, capital, and technology, without wasting resources. It means producing the maximum possible output from a minimum quantity of inputs. In other words, an organization is technically efficient […]

Definition of Technical Analysis Technical analysis is a method used to evaluate and predict the future price movements of financial securities, such as stocks or currencies, based on historical market data primarily focusing on price and volume. Unlike fundamental analysis, which examines a company’s financial health and economic indicators, technical […]

Definition of Taxable Income Taxable Income is the portion of an individual’s or a company’s income that is subject to taxes by governmental authorities. This income is calculated by subtracting allowable deductions and exemptions from the gross income. It forms the basis on which an individual or a corporation’s tax […]

Definition of Tax-Based Incomes Policy Tax-based incomes policy (TIP) refers to a set of fiscal measures designed to control inflation and stabilize the economy by linking tax incentives or penalties to wage increases. Unlike direct wage and price controls, TIP aims to indirectly influence wage-setting behavior through the tax system, […]

Definition of Tax Threshold A tax threshold is the income level at which a person or a business begins to be liable for tax. Below this threshold, income earners are typically exempt from tax. Taxes are a crucial part of government revenue, allowing for the funding of public services and […]

Definition of Tax Shifting Tax shifting describes the process by which the economic burden of a tax is passed on from the entity legally responsible for the tax to another party. In other words, it examines who ultimately bears the cost of a tax—whether it is the producer, the consumer, […]

Definition of Tax Shelter Tax Shelter refers to a financial arrangement or investment strategy that results in a reduction or elimination of taxes owed to the government. These structures or investments are typically legal and may include tax-advantaged accounts, certain types of investments, or other financial instruments that offer tax […]

Definition of Tax Schedule A tax schedule is a chart or a form that outlines the tax rates and brackets according to which individuals or organizations must pay their taxes. It provides a structured depiction of how income or other taxable activities are categorized and taxed. Tax schedules are essential […]