Category: N

The average earnings of a business that takes into account several years while discounting inflation and onetime losses or gains.

A statement which allows for an accurate comparison by adjusting for nonrecurring items, and other such unusual items.

The tongue in which several formal proceedings of state in England are still carried on. The language, having remained the same since the date of the Conquest, at which it was introduced into England, is very different from the French of this day, retaining all the peculiarities which at that time distinguished every province from the rest. A peculiar mode of pronunciation (considered authentic) is handed down and preserved by the officials who have, on particular occasions, to speak the tongue. Norman French was the language of English legal procedure till the 36 Edw. III. (A. D. 13S2). Wharton.

A evaluative rather a descriptive approach used to determine the degree of conformity to the standard norms or recommendations. For example, normative data is used to understand the underlying phenomenon rather than to just describe it.

Demand for these goods increases at a slower rate in comparison to the increase in income. The income elasticity of demand for normal goods is a positive number that is less than one. Inferior goods are the opposite of normal or necessary goods.

A basis of this theory is the execution of an accounting process and not the observation aspect. The use of a single formula to derive the value based income, is derived after undertaking several different approaches.

A law which applies to a normal individual who has no legal liabilities.

A commitment that is due to a group of individuals who possess an ideology similar to yours, or to an organization whose employees share a simililar obligation to yours.

An inevitable and unavoidable decline in the production of goods and services.

In contrast to positive economics, normative economics deals with answering the question, ‘what ought to be.”, through attempts at determining the likability of various economic conditions.