Archives: Terms

Definition of Zero-Rated Goods Zero-rated goods refer to goods that are exempt from Value Added Tax (VAT) or Goods and Services Tax (GST), meaning no tax is added to the selling price. While the goods are still subject to the tax, the rate is set at zero percent. This is […]

Definition of Zakat Zakat is an obligatory act of charity in Islam. It is one of the Five Pillars of Islam and is considered a religious duty for all Muslims who meet the criteria. Zakat is a form of wealth redistribution and social solidarity, aiming to help the less fortunate […]

Definition of Yearly Probability of Living The yearly probability of living refers to the likelihood that an individual will survive for another year. It is a measure of mortality risk that takes into account the age-specific death rates in a given population. This probability is often used for actuarial purposes, […]

Definition of X-Efficiency X-efficiency is a concept that refers to the level of efficiency at which a firm operates in the production of goods and services. Unlike technical efficiency, which focuses on producing the maximum output from given inputs, x-efficiency focuses on producing at the lowest possible cost. It represents […]

Definition of World Trade Organization (WTO) The World Trade Organization, also known as the WTO, is an international organization that aims to promote global trade by establishing and enforcing international rules and regulations. It serves as a forum for member countries to negotiate trade agreements, settle trade disputes, and promote […]

Definition of World Economic Outlook (WEO) The World Economic Outlook (WEO) is a report published by the International Monetary Fund (IMF) that provides an assessment of the global economic conditions and trends. It serves as a valuable resource for policymakers, researchers, and businesses to understand the current state of the […]

Definition of World Economic Forum (WEF) The World Economic Forum (WEF) is an independent international organization that brings together political leaders, business executives, academics, and other influential figures to discuss and shape global, regional, and industry agendas. Founded in 1971, the WEF aims to improve the state of the world […]

Definition of Working Tax Credit (WTC) Working Tax Credit (WTC) is a benefit provided by the government to support low-income individuals or families who are in work. It is designed to supplement the income of working people on lower wages and help them make ends meet. WTC is means-tested, which […]

Definition of Working Class The working class refers to a social class made up of individuals who primarily earn income through manual labor. This class typically includes individuals who work in blue-collar jobs, such as manufacturing, construction, or service industries. They often have lower levels of education and usually have […]

Definition of Working-Age Population The working-age population refers to the portion of the population that is considered to be of working age and is typically defined as individuals between the ages of 15 and 64 years old. It represents the group of individuals who are available to participate in the […]