GWACs – What are Government-Wide Acquisition Contracts? GWACs are government-wide acquisition contracts. They let government agencies align their needs and jointly purchase contracts for goods and services. With GWACs, multiple government agencies can align their needs and purchase a contract for goods or services. As a result, GWACs allow for […]
Economics
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Semiannually – What Is Semiannual? Semiannually describes something that is calculated, paid, reported, published, or otherwise occurs twice each year or once every six months. Biannual or semiannual simply means that something occurs twice a year. For example, a company could have company celebrations semiannually. The first is the company […]
What Is a Lorenz Curve? The Lorenz curve is a graphical representation showing the distribution of income or wealth within an economy developed by Max Lorenz in 1905. The Lorenz curve is a way to measure income distribution. The curve graphs cumulative percentages of income on the Y axis. It […]
What Is the Fisher Effect? The Fisher Effect is an economic theory that describes the relationship between nominal interest rates, inflation expectations and real interest rates. It is an economic theory introduced by economist Irving Fisher in the 1930s. It consistently describes the relationship between inflation and both real and […]
What Is the Certainty Equivalent? A certainty equivalent is a guaranteed return that someone would accept now rather than taking a chance on a higher, but uncertain or risky return later. Put another way, we can say it is the lesser amount of money that one would accept to deny […]
What are Period Costs? Period costs are the indirect costs of production that cannot be capitalized on a company’s balance sheet. They show on the Income Statement. Product costs and period costs are two categories of costs that a company incurs producing and selling their product or service. A period cost […]