Glossary

Advanced Countries Countries having high national and per capita income that ensure high rate of capital formation. These countries possess highly developed infrastructure and apply most updated and advanced technical know-how in their productive activities. A strong and well-organised financial structure is the characteristic of advanced countries.

Ad Valorem Tax A type of indirect tax in which goods are taxed by their values. In the case of ad volorem tax, the tax amount is calculated as the proportion of the price of the goods. Value Added Tax (VAT) is an ad volorem tax.

Arbitrage When the middle-man buys and sells goods at a particular time to cash the price difference of two markets, then this action is termed as arbitrage. Purchases ...

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