ASSESSED VALUE Definition

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ASSESSED VALUE is the estimated value of property used for tax purposes.

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FUTURES are contracts to buy or sell specific quantities of a commodity or financial instrument at a specified price with delivery set at a specified time in the future.

MARGINAL BENEFIT takes into account the fact that the more an entity has or devotes to something, the less benefit that is likely to be derived from the additional units applied, e.g. additional labor hours expended to complete a task can be of questionable benefit if parts, tools, or machines cannot optimally absorb the additional labor applied, i.e. the additional hours devoted would be of marginal benefit.

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