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WordNet-Online
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Definitions from the WebEconomic LifeDefinitionEconomic life refers to the period of time during which an asset or investment remains productive and generates economic value. Sense 1 - General UsageIn a general sense, economic life denotes the expected duration within which an asset, such as a machine or a building, can be used before it becomes obsolete or unprofitable. Example sentence: The economic life of a smartphone is becoming shorter due to rapid advancements in technology. Sense 2 - AccountingIn accounting, economic life pertains to the estimated period that an asset is expected to be used, either until its wear and tear make it ineffective or its economic value is reduced to a negligible amount for the company. Example sentence: The company estimated the economic life of the machinery to be 10 years before it would need to be replaced. Sense 3 - BusinessIn the business context, economic life refers to the existence of a product or service in the market, taking into account factors such as demand, competition, and financial viability. Example sentence: The economic life of fashion trends can be unpredictable as consumer preferences change rapidly. Sense 4 - Local UsageIn a local sense, economic life can refer to the overall economic activity and livelihood of a specific geographic area. Example sentence: The tourism industry sustains the economic life of the small coastal town. Related Products and Resources | ||||
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