economic life


Also found in: Financial.

economic life

[‚ek·ə′näm·ik ′līf]
(industrial engineering)
The number of years after which a capital good should be replaced in order to minimize the long-run annual cost of operation, repair, depreciation, and capital. Also known as project life.
References in classic literature ?
I know that it is futile to, spurn them, or lash them for trying to get on in the world, and that the world is what it must be from the selfish motives which underlie our economic life. But I did not know these things then, nor for long afterwards, and so I gave my heart to Thackeray, who seemed to promise me in his contempt of the world a refuge from the shame I felt for my own want of figure in it.
Errors common in the income approach include the failure to acknowledge a higher natural economic vacancy rate; underestimation of expense items such as insurance, maintenance and repairs, security, legal expenses, reserves for replacement, and rehabilitation/updating costs, both for the subject property and comparable sales (thus distorting OAR indicators); inadequate allowance for the numerous economic and risk factors that affect the OAR or yield rate; and failure to reflect the end of the economic life of the improvements in the terminal capitalization rate, or to base the reversion on site value (less demolition costs) if the DCF method is used.
'Future progress not only in architecture, but in the economic life of the country as well, is bound up with the successful resolution of the vast social and economic problems that darken the horizon at present.
They will also require recognition of the community's role in meeting certain needs which are basic to economic life as such.
Taxes are the "cart that pulls the horse" of modern American economic life. Few business decisions can be made without considering tax effects.
He said that natural gas holds key significance in the domestic as well as economic life of Pakistan and Pakistanis.
Empowering women to participate in economic life across all sectors was essential to build stronger economies, achieve internationally agreed goals for development and sustainability, and improve the quality of life for women, men, families and communities, Alam added.
This meeting is an opportunity to reiterate Tunisia's commitment to the values of modernity as well as to women's gains and its determination to strengthen their presence in decision-making positions with the ultimate goal of increasing their participation rate in economic life from 28% to 35% by 2020, she added.
China constructing capitalism; economic life and urban change.
The President said the measures are taken to maintain stable political and economic life of the country, strengthening of inter-ethnic accord.
Shadi Ali Faqih and Nadim Asaad Abdo were fined LL10 million for damages aimed at the prince through a book they planned to publish about the royal's political and economic life. The court considered that the two men gathered information