Fernando's Business Ethics and Corporate Governance, 3rd Edition

Glossary 697

consumed or used up in the process of

producing output.

Devaluation It means reducing the

value of a nation’s currency relative

to gold or to the value of a hard cur-

rency like the US dollar which would

increase a country’s physical exports

and decrease its physical imports, pro-

vided other countries do not devalue

their currencies.

Direct Tax Those taxes that are lev-

ied on the property and income of per-

sons and those that are paid directly by

the consumers to the state. Income tax,

interest tax, wealth tax, corporation tax

are all examples of direct taxes.

Disinvestment Also known as nega-

tive investment, this term was coined ...