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Simple English definitions for legal terms
economic obsolescence
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A quick definition of economic obsolescence:
Economic obsolescence is when something becomes less valuable or useful because of external economic factors, like changes in demand or new regulations. This is different from physical deterioration or functional obsolescence, which happen because of wear and tear or outdated design. For example, a car may become economically obsolete if new laws require more fuel-efficient vehicles, even if it still runs well.
A more thorough explanation:
Definition: Economic obsolescence is when something becomes less valuable or useful because of external economic factors, like changes in demand or regulations.
For example, let's say a company produces a type of phone that is very popular. However, a new law is passed that makes it illegal to use that type of phone. Suddenly, the demand for that phone drops and it becomes less valuable. This is an example of economic obsolescence.
Another example could be a building that is located in an area that used to be very popular, but now people are moving away. The building may become less valuable because there are fewer people who want to use it. This is also economic obsolescence.
Economic obsolescence is different from physical deterioration, which is when something becomes less valuable because it is damaged or worn out. It is also different from functional obsolescence, which is when something becomes less valuable because it is outdated or has design flaws.