Economic Sustainability refers to the ability of an economy to support current and future generations’ well-being and prosperity while preserving natural resources, social equity, and environmental quality. Economic sustainability involves promoting inclusive growth, fostering innovation, and balancing economic development with environmental protection and social progress. It requires long-term planning, responsible resource management, and policies that promote resilience, equity, and sustainable development goals.

Economies of Scale refer to the cost advantages that a company can achieve by increasing the scale of production or operation, resulting in lower average costs per unit as output expands. Economies of scale can arise from factors such as bulk purchasing discounts, specialization, automation, and more efficient resource utilization. Exploiting economies of scale is a common strategy for enhancing competitiveness and profitability.

Elasticity and inelasticity of demand refer to the responsiveness of quantity demanded to changes in price. Elastic demand occurs when a small change in price leads to a proportionally larger change in quantity demanded, indicating high price sensitivity. Inelastic demand, on the other hand, describes situations where changes in price have a relatively small effect on quantity demanded, suggesting low price sensitivity. Understanding demand elasticity is crucial for pricing strategies and revenue management.

Enterprise Resource Planning (ERP) is a software system that integrates and automates core business processes such as finance, human resources, supply chain management, manufacturing, and customer relationship management. ERP systems enable organizations to streamline operations, improve data visibility and accuracy, enhance collaboration, and make informed decisions based on real-time information.

Enterprise Value (EV) is a measure of a company’s total economic value, representing the sum of its market capitalization, debt, minority interest, and preferred equity, minus cash and cash equivalents. EV reflects the theoretical takeover price of a company and is used by investors to assess the true value of a business irrespective of its capital structure.

An entrepreneur is an individual who identifies opportunities, takes risks, and organizes resources to start and operate a new business venture. Entrepreneurs are innovative, resilient, and proactive, driving economic growth, job creation, and societal progress through their ventures. They play a crucial role in driving innovation, disrupting industries, and shaping the business landscape.

Equity refers to the ownership interest or residual claim in assets after deducting liabilities. It represents the portion of a company’s value that belongs to its shareholders, reflecting their stake in the business’s net assets. Equity can be obtained through stock ownership or investment, and shareholders are entitled to dividends, voting rights, and a share of the company’s profits and assets.

Escheat is a legal process through which ownership of unclaimed or abandoned property or assets reverts to the state when the rightful owner cannot be located or identified, typically due to death, absence, or loss of contact. Escheat laws vary by jurisdiction and may apply to various types of property, including bank accounts, securities, real estate, and personal belongings, after a specified period of dormancy or abandonment. Escheat laws serve to protect property rights, prevent assets from remaining dormant indefinitely, and facilitate the redistribution of unclaimed property to the state treasury or rightful heirs.

An Excise Tax is a type of indirect tax imposed by governments on the sale, use, or consumption of specific goods, products, or services, rather than on income or property. Excise taxes are typically levied on goods considered to be socially harmful or non-essential, such as tobacco, alcohol, gasoline, luxury items, or certain activities like gambling or air travel. Excise taxes are often included in the price of goods or services and are collected by manufacturers, retailers, or service providers on behalf of the government.

An External Audit is an independent examination of a company’s financial statements and internal controls conducted by a certified public accountant (CPA) or a licensed auditing firm. It provides assurance to stakeholders regarding the accuracy, reliability, and compliance of financial reporting, enhancing transparency and trust in the organization.