What is Economic Integration? Economic integration involves agreements between countries that usually include the elimination of trade barriers and aligning monetary and fiscal policies, leading to a more inter-connected global economy. Economic integration is consistent with the economic theory, which argues that the global economy is better off when markets can function in unison with…
What is the Economic Growth Rate? The economic growth rate is used to measure the growth of an economy, usually in terms of its output or gross domestic product (GDP). GDP measures the value of all goods and services produced by an economy over a certain period of time. Understanding Economic Growth Rate Nowadays, market-based…
What is Allocational Efficiency? Allocational Efficiency (or Allocative Efficiency) is a concept used in microeconomics where goods and services are distributed in an economy in a manner that is optimal and beneficial to all parties (consumers and producers). The concept is a characteristic of an efficient market, and the point of allocative efficiency is where…
What is Data Loss? Data loss is an incident where data is destroyed, deleted, corrupted, or made unreadable by users and software applications. A data loss incident can be intentional or accidental. Data loss results in some or all of the data elements becoming unusable by the owner or its corresponding software application. Data can…
What is a Data Breach? A data breach refers to an incident in which secure, sensitive, and confidential information is accessed and exposed to an unauthorized and untrusted environment. The breach can be intentional or accidental. Technically, a data breach is a violation of security protocol for an organization or individual in which confidential information…
What is Data Migration? Data migration is the process of transferring data from one data storage system to another and also between data formats and applications. It also involves data transfers between different data formats and applications. The data migration process also includes data preparation, extraction, and transformation. It is usually conducted when introducing new…
Top 6 Skills in Finance The world of finance rapidly evolves with the rise of digitization and globalization. Finance professionals need to constantly keep themselves well-trained and qualified to respond to the latest trends and market demands. As such, modern finance skills need to go beyond traditional computation and account management skills to survive in…
What is an Indexed Annuity? An indexed annuity is a financial product that pays out a return based on the performance of a linked index. The contract is backed by an insurance company and is popular among retirees because it provides a relatively steady stream of income with downside risk protection. However, it also severely…
What is the Key Rate? In Canada, the key rate is the interest rate set by the Bank of Canada to regulate short-term borrowing between financial institutions. The key rate has been labeled under different titles over time, including the bank rate, policy interest rate, and target for the overnight rate. The equivalent of the…
