Independent Contractor

An independent contractor (often called a freelancer) is a non‑employee who provides goods or services to clients under a contract or agreement. Contractors control…

Indentured Servitude

Key Takeaways – Indentured servitude is a historical form of labor in which a person contracts to work without wages for a fixed period…

indemnity

• Indemnity is a contractual promise by one party (the indemnifier) to compensate another (the indemnitee) for loss, damage, liability, or expense. – In…

Incoterms

Incoterms (international commercial terms) are a set of standardized trade terms published by the International Chamber of Commerce (ICC) that define the allocation of…

Incorporation

Key takeaways – Incorporation is the legal process of creating a corporation: a separate legal entity that separates owners’ personal assets from the business.…

Income

Key takeaways – Income is any money, property, goods, or services you receive in exchange for work, selling goods, or investing (most income is…

Income Statement

Key takeaways – The income statement (profit & loss or P&L) summarizes a company’s revenues, expenses, gains, and losses over a specific period (quarter,…

Income Inequality

Key takeaways – Income inequality describes how earnings are distributed across a population; it differs from wealth inequality (assets/net worth). – Measured with tools…

Income Effect

The income effect is a core concept in microeconomics and consumer choice theory. It describes how a change in a consumer’s real income (purchasing…

Incidental Expenses (IE)

Incidental expenses are the minor, everyday costs — gratuities and small fees — that arise while conducting business. Examples include tips to bellhops or…