ECONOMIC DEPRECIATION Definition

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ECONOMIC DEPRECIATION is the decline in real estate property value caused by external forces, such as neighborhood blight or adverse development.

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ENTERPRISE RISK MANAGEMENT (ERM) identifies risks and opportunities, assesses them for likelihood and magnitude, determines responses strategy, and monitors progress. ERM integrates strategic planning, operations management, and internal control. Monitoring ERM is part of internal control activities.

ORDINARY ASSET is a non-capital asset used for business purposes. See CAPITAL ASSET.

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