An attorney-in-fact is a person who is authorized to act on behalf of another person, usually to perform business or other official transactions. The person represented usually designates someone as their attorney-in-fact by assigning power of attorney.
A closed economy is one that has no trading activity with outside economies. The closed economy is therefore entirely self-sufficient, which means no imports come into the country and no exports leave the country. The goal of a closed economy is to provide domestic consumers with everything they need from within the country’s borders.
Industrial revenue bonds (IRB) are municipal debt securities issued by a government agency on behalf of a private sector company and intended to build or acquire factories or other heavy equipment and tools.
An express warranty is an agreement by a seller to provide repairs or a replacement for a faulty product, component or service within a specified time period after it was purchased. Buyers rely on these promises or guarantees and sometimes purchase items because of them.
A depository is a facility such as a building, office, or warehouse in which something is deposited for storage or safeguarding. It can refer to an organization, bank, or institution that holds securities and assists in the trading of securities.
The Government Accountability Office (GAO) is a U.S. legislative agency that monitors and audits government spending and operations. The GAO tracks how the legislative and executive branches of the government use taxpayer dollars and then provides results directly to Congress. The Comptroller General serves as head of the GAO.
Lloyd’s of London is a British insurance market where members operate as syndicates to insure and spread out the risks of different businesses, organizations, and individuals. The syndicates are specialized in different types of risks and each syndicate decides which type of risk to insure. The main purpose of Lloyd’s of London is to act as an intermediary between clients, underwriters, brokers, and insurance companies.
Economic value can be described as a measure of the benefit from a good or service to an economic agent. It is typically measured in units of currency. Another interpretation is that economic value represents the maximum amount of money an agent is willing and able to pay for a good or service. The economic value should not be confused with market value, which is the minimum amount a consumer will pay for a good or service. Thus, economic value is often greater than the market value.
The European Central Bank (ECB) is the central bank responsible for monetary policy of those European Union (EU) member countries which have adopted the euro currency. This region is known as the eurozone and currently comprises 19 members. The principal goal of the ECB is to maintain price stability in the euro area, thus helping preserve the purchasing power of the euro.
In the money (ITM) is an expression that refers to an option that possesses intrinsic value. ITM thus indicates that an option has value in a strike price that is favorable in comparison to the prevailing market price of the underlying asset: