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LSDefine

Simple English definitions for legal terms

economic life

Read a random definition: depreciation

A quick definition of economic life:

Term: ECONOMIC LIFE

Definition: Economic life refers to the period of time during which an asset is profitable. This period is usually shorter than the physical life of the asset. In simpler terms, it is the time when an asset generates income or value for its owner before it becomes obsolete or unprofitable.

A more thorough explanation:

ECONOMIC LIFE

Economic life refers to the period of time during which an asset generates income or is profitable. This period is usually shorter than the physical life of the asset.

  • A car may have a physical life of 10 years, but its economic life may only be 5 years because after that time, the cost of maintenance and repairs may outweigh the income generated by using the car.
  • A computer may have a physical life of 7 years, but its economic life may only be 3 years because after that time, it may become outdated and unable to keep up with newer technology.

These examples illustrate how an asset's economic life can be shorter than its physical life. Even though a car or a computer may still be physically functional after a certain period of time, it may no longer be profitable to continue using it due to the cost of maintenance or the inability to keep up with newer technology.

economic indicator | economic loss

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General

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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