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Examples of pure economic loss include: Loss of income suffered by a family whose principal earner dies in an accident. The physical injury is caused to the deceased, not the family. [4] Loss of market value of a property owing to the inadequate specifications of foundations by an architect. [5] [6] [7]
There is a fundamental distinction between pure economic loss and consequential economic loss, as pure economic loss occurs independent of any physical damage to the person or property of the victim. It has also been suggested that this tort should be called "commercial loss" as injuries to person or property can be regarded as "economic".
Damages for breach of contract is a common law remedy, available as of right. [1] It is designed to compensate the victim for their actual loss as a result of the wrongdoer’s breach rather than to punish the wrongdoer. If no loss has been occasioned by the plaintiff, only nominal damages will be awarded.
Economic losses and damage affect resources, goods and services that are commonly traded in the market. Non-economic losses and damage contain loss of family members and disappearance of cultures. [12] The main difference between the two is that non-economic losses involve things that are not commonly traded in markets. [3]
Hedonic damages is a legal term that first emerged in 1985 in the research of Stan V. Smith, who was a PhD student in economics at the University of Chicago. The term refers to damages for loss of enjoyment of life, the intangible value of life, as distinct from the human capital value or lost earnings value.
Reliance damages is the measure of compensation given to a person who suffered an economic harm for acting in reliance on a party who failed to fulfill their obligation. [1] If the injured party could go back in time, they should be indifferent to entering into the contract that would be breached and receiving the reliance damages as opposed to ...
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
In economics, an externality or external cost is an indirect cost or benefit to an uninvolved third party that arises as an effect of another party's (or parties') activity.