Archives: Terms

Definition of State Earnings-Related Pension Scheme The State Earnings-Related Pension Scheme (SERPS) was a UK government pension scheme designed to provide additional pension benefits based on an individual’s earnings over their working life. Introduced in 1978 and phased out in 2002, SERPS aimed to supplement the Basic State Pension by […]

Definition of Staple Product A staple product, also known as a basic good, is a product that is essential to consumer needs and experiences consistent demand regardless of income levels or economic circumstances. These products are considered a part of everyday life, comprising the necessities that people routinely purchase to […]

Definition of Standby Arrangement A Standby Arrangement (SBA) is an agreement between the International Monetary Fund (IMF) and a member country that provides financial assistance to support the country’s economic reform programs and address balance of payments problems. The purpose of such an arrangement is to help countries stabilize their […]

Definition of Standardized Commodity A standardized commodity is a product that has been uniform in quality and specifications, allowing it to be interchangeable with other commodities of the same kind. Standardized commodities are often traded on global markets where they adhere to specific guidelines and criteria, making transactions seamless. Examples […]

Definition of Standard Rate The standard rate refers to a fixed percentage or amount universally applied within a specific context, often in taxation and finance. It can be used to describe the baseline rate at which a particular service or tax is levied, ensuring consistency and predictability. For instance, in […]

Definition of Standard International Trade Classification The Standard International Trade Classification (SITC) is a system devised by the United Nations to categorize and facilitate the analysis of global trade data. It offers a comprehensive framework to classify a wide array of goods and commodities traded across international borders. The system […]

Definition of Standard Industrial Classification (SIC) The Standard Industrial Classification (SIC) system was developed by the United States government to classify industries by a four-digit code. This system was established to facilitate the collection and analysis of data by grouping similar kinds of industries together under a standardized system. SIC […]

Definition of Standard Error (of a Statistic) The standard error (SE) of a statistic is a measure of the statistical accuracy of an estimate. It represents the standard deviation of its sampling distribution or the variability among different samples from the same population. In simpler terms, the standard error quantifies […]

Definition of Standard Deviation Standard deviation is a statistical measurement that quantifies the amount of variation or dispersion of a set of values. A low standard deviation indicates that the values tend to be close to the mean (average), while a high standard deviation indicates that the values are spread […]

Definition of Standard and Poor’s Standard and Poor’s (S&P) is one of the world’s leading financial market intelligence organizations, famously known for its stock market indices and its credit ratings. Founded in 1860, the company provides research, ratings, and data analytics to a wide range of industries and market sectors. […]