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

Category: P

PRICING PLATEAU

The price level, that is dependent on the market and the product, either side of which volume of sales experiences a drastic change.

PRINT ENGINE

The primary mechanism in a laser printer that converts the signals of the print controller into the needed printed image. They are differentiated on the basis of pages per minute, resolution, toner.

PRIOR PROBABILITY

The chances that a specific event might occur. It is adjusted on the availability of fresh data.

PRIVATE INTERNATIONAL LAW

The application of specific laws in the case a foreign entity is involved, usually in local legal systems. The validity of the prosecutor’s judgements are also monitored under the private international law.

PROACTIVE RESPONSE

A corporate action that takes the necessary steps before the actual occurrence of a problem. One of the four steps undertaken by companies in response to the social and environmental problems posed

PROBITY

A strict following of the code of ethics that is based on honesty, especially in matter related to money and beyond the legal requirements.

PRODUCER PRICE INDEX (PPI)

The relative measure of the average change in the price of a basket of goods that are sold by the producers in the wholesale market. It consists of three different indices and

PROFESSIONAL

1. A person, who is a member of a professional body due to the education qualification and follows the prescribed moeal and prefessional code of conduct. 2. A person who has mastered

PROGRESSIVE TAX

Income tax, which is proportion to the income of the individual and the burden of tax falls on high income individuals.

PROJECTS IN CONTROL ENVIRONMENT (PRINCE)

A UK government initiative, which focuses on remitting the project purpose, not just the planning and observation part of the project, normally used for management of large projects.

PROOF READING

The subsequent checking and rechecking of a written document before it is sent to the printers. It includes checking of spelling, grammar, layouts, photos, headings and indexes in books, magazines, leaflets, pamphlets.

PROPRIETARY FORMAT

This is the format that a software program will accept or output data that is enetered into the program. This is what stops various computer platforms from being used by other programs.

PROTECTED CELL COMPANY (PCC)

Also known as a Segregated Portfolio Company or SPC. A company will isolate its business dealings into seperate cells to insure they are kept safe from other issues that may adversely effect

PROVENANCE

The official record of origin of a document or work of art where the document was created or received initially or it is the place where the document is now stored. A

PUBLIC ACCOUNTABILITY

The obligations of agencies and public enterprises who have been trusted with the public resources, to be answerable to the fiscal and the social responsibilities that have been assigned to them. These

PUBLIC GOOD

An item that taxation is used to finance, the consumption of which has been decided by the whole of society. It is not an item for consumption that an individual has decided

PUBLIC PRIVATE PARTNERSHIP

Any projects that will be of a benefit to the public that are partly owned by the government and partly by a private company or individual. Neither the government or a private

PUBLIC WORKS

The development and subsequent construction of works that are for use of the population as a whole. It includes important infrastructure such as roads, bridges and public buildings.

PURCHASE METHOD

The way a product is purchased by an individual or company. It may include cash or credit or payment by a cheque.

PURGING

The removal and subsequent destruction of files from an active file. These files are no longer used for some reason and have become inactive and need to be removed. These files will

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