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economic life

   Also found in: Encyclopedia 0.01 sec.
Economic Life
The time period over which an asset's NPV is maximized. Economic life can be less than absolute physical life for reasons of technological obsolescence, physical deterioration, or product life cycle.

Useful Life
The amount of time, as determined by the IRS, that an asset is expected to be used. The useful life is important in determining taxes assessed on the depreciated value of the asset each year. Theoretically, an asset's useful life is equal to its absolute physical life, but, because the useful life is an estimation, this is not always the case.

economic life
The period of time during which a fixed asset competitively produces a good or service of value. The economic life of an asset may be particularly short in a rapidly changing field such as electronics where new developments often render an asset obsolete shortly after it is purchased. Companies sometimes continue to carry assets with expired economic lives on their balance sheets because they do not wish to penalize their earnings by writing off the assets. See also physical life.

economic life

The period of time during which an improvement has value in excess of its salvage value;the useful life span of an improvement.



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Make sure that your economic life is in good order before you start to fix your credit.
Access to information including to economic statistics and development trends plays an important role in the economic life of the country," said Lilian Darii, Deputy Head of the OSCE Centre in Bishkek.
The warm to 150 forget to welcome extended by the people of Bala and the Penllyn area to the thousands of visitors ensured that the National Eisteddfod has once again given a significant boost to the cultural and economic life of this part of Gw ynedd.
 
 
 
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