Archives: Terms

Definition of Windfall Tax A windfall tax refers to a tax imposed on unexpected profits that are not the result of regular business operations. It is a one-time tax levied on businesses or individuals who have received large, unexpected gains due to external circumstances or events. The purpose of a […]

Definition of Widow’s Exemption Widow’s exemption refers to a tax provision that allows certain tax benefits for widows and widowers after the death of their spouse. This provision aims to provide financial support to individuals who have lost their partner and may be facing financial difficulties due to the loss. […]

Definition of Wholesaling Wholesaling refers to the process of buying goods in large quantities from manufacturers or producers and selling them to retailers or other businesses. Wholesalers act as intermediaries between the producers and retailers, providing a distribution channel that helps to efficiently move products from the point of production […]

Definition of Wholesale Trade Wholesale trade refers to the process of selling goods in bulk to other businesses rather than to individual consumers. It involves the purchase and resale of products in large quantities, often at a lower per-unit cost compared to retail prices. Wholesalers act as intermediaries between manufacturers […]

Definition of Wholesale Price Index (WPI) The Wholesale Price Index (WPI) is a measure of the average change in the prices of goods at the wholesale level in an economy over time. It is used as an indicator to monitor inflationary pressures in the economy and to calculate the real […]

Definition of Welfare State A welfare state refers to a system in which the government is actively involved in the well-being and social protection of its citizens. It provides a wide range of social services and benefits, such as healthcare, education, housing, and income support, to ensure a basic standard […]

Definition of Welfare Loss of Taxation Welfare loss of taxation, also known as excess burden or deadweight loss, refers to the economic efficiency loss that occurs when taxes or other market distortions are imposed. It represents the reduction in total surplus that results from a tax, price floor, or any […]

Definition of Welfare Welfare refers to the overall state of well-being and happiness experienced by individuals or groups within a society. It encompasses various aspects of human life, including physical, mental, and social well-being. Welfare is influenced by factors such as income, access to basic needs (such as food, shelter, […]

Definition of Weightless Economy A weightless economy refers to an economy where the production and exchange of goods and services require minimal physical weight or bulk. In a weightless economy, the value is derived largely from intellectual property, information, and intangible assets rather than physical resources. Example The rise of […]

Definition of Wealth Tax Wealth tax refers to a type of tax that is levied on an individual’s net assets or wealth. It is different from income tax, which taxes an individual’s income. Wealth tax is typically based on the total value of a person’s assets, including real estate, investments, […]