Economies of Scope Examples and Formula

Meaning of economies of scope Economies of scope is a term that refers to the fall in the cost of production when two or more companies produce a range of products together rather than separately. It also implies that producing one good brings about a reduction in the cost of producing another good that is … Read more

Recession vs Depression: differences and similarities

A comparison of the difference between recession and depression in economics; also, the similarities of recession vs depression would be listed. A recession is usually defined as an economic condition where, for some time period, the country experiences negative GDP growth. Depression refers to a long and general economic decline, where the economy is shrinking … Read more

Insurable Interest Meaning and Examples

Insurable interest meaning The meaning of insurable interest in general insurance explains that the subject matter of insurance must have the ability to provide some financial gains to the insured, that is, it must possess financial value. If there is a loss of the subject matter due to theft, fire, damage, etc., it has to … Read more

Indemnity in Insurance; Meaning and Principle

Indemnity in insurance meaning Indemnity refers to the security or protection against financial liability which usually occurs in the form of a legal agreement that takes place between parties whereby one party agrees to pay the other party in an event of loss or damage suffered. The definition of indemnity in insurance is the financial … Read more