Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

Category: M

MAGNITUDE

Relative, scaled range of a specific criterion. An example is the Richter scale. It translates the magnitude of an earthquake into a scaled level that can be compared to other incidents. Also

MAJOR ASSEMBLY

Lower-level assemblies comprise, or the joining of several subassemblies become, this item.

MALICIOUS MISCHIEF

Intentional damage to property belonging to another person is an act comparable to vandalism.

MANDELBROT SET

Fractal fascinating in the richness of its detail. The French-US mathematician Benoit Mandelbrot (1924) discovered it. Mathematical formula’s output over many repetitions / iterations produces self-similar figures at an ever-decreasing scale. It

MANUFACTURER’S AGENT

For distribution in the same channels or to the same customers, this commission agent handles non-competitive but complementary products from several manufacturers. Manufacturer’s agents are normally confined to specific sales territories, used

MARGINAL ACCOUNT

Customers who are an abnormal risk of non-payment. Excessive liens and judgments against the customer or firm, slow purchases and payments, inadequate working capital, weak or indifferent management are all characteristic of

MARGINAL PRODUCER

An single production company in an industry that is barely profitable at prevailing market prices on their product line(s). Such a company may be unable to take advantage of economies that benefit

MARGINAL SOCIAL BENEFIT

An activity’s incremental benefit as perceived by society. Adding marginal external benefit and marginal private benefit results in this value.

MARKET CAPITALIZATION (MARKET CAP)

1. Ongoing market valuation of a public firm with publicly traded shares calculated as outstanding shares held by the shareholders counted times the current per share market price. It is, however, neither

MARKET POTENTIAL

During a certain period, in a specific product’s market, stating this measure as the estimated maximum total sales revenue of all suppliers.

MARKOV CHAIN

Sequence of stochastic events based on probabilities instead of certainties. The current state of a variable or system is independent of all past instances, except for he current present state. Stock/share price

MASS MARKET

Unregimented market offering every customer products with mass appeal products, like aspirin, orange juice, soft drinks, paperback romances, and the like through mass retailers and independent stores, using mass media to promote

MASTER PLAN

Several related subplans incorporated together to make one master plan.

MATERIAL EVIDENCE

the facts or issues of a case or enquiry that can affect its conclusion or outcome have a significant relationship with this type of proof or testimony.

MATTER OF FACT

An assertion or allegation of a fact’s truth as this inquiry’s basis.

MATURITY STAGE

sales peak and start to decline in this longest period in the life cycle of a firm, industry, or product. In economics, economic growth characterized by high level of mass consumption is

MEANS-TESTED BENEFITS

Individuals whose income is below a certain level are eligible to these types of benefits. In the U.S. food stamps are a means-tested benefit. Only low-income families are allegedly eligible.

MEDICAL EXPENSE DEDUCTION

On itemized tax returns for medical expenses, individuals may deduct from their income this specific type of amount. Medical expenses above 7.5% of their adjusted gross income can be deducted by eligible

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