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FINANCIAL DICTIONARY & GLOSSARY: IM - INE
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import substitution - the attempt to reduce imports by producing goods domestically.

in-the-money - call options with an exercise price below the underlying share's current market price; put options with an exercise price above the share's market price.

income or revenue or earnings - all the money received by a person or company during a given period (wages, salaries, rent, business profits, dividends, etc.).

income effect of higher prices - when the price of a necessary good rises, consumers' real income and spending on all goods falls.

income effect of higher wages - if people earn more they can afford to work fewer bouts (and have more time to spend their money).

income statement - the American name for the financial statement which shows the profit or loss made by a company during the accounting period.

income tax - tax on people's income, and also on business profits in the US.

income velocity of the circulation of money - the number of times a unit of money forms part of someone’s income during a given period (GNP divided by the money supply).

incoterms - internationally accepted terms concerning transport and insurance costs used in international trade contracts.

Incorporated - a word added to the name of a US company, signifying that it is a corporation with limited liability.

increment - an increase, e.g. an annual rise in a salary.

indebtedness - the condition of owing money.

indemnify - to compensate someone for loss or injury, etc.

index-linked - (of a wage, salary, pension, tax, etc.) automatically raised to compensate for inflation, on the basis of an official price index.

indirect taxes - those levied on the sale of goods and services.

industrial market or producer market or business market - all the people or organizations that buy goods and services used in the production or supply of other goods or services.

inefficient - not working in the best way, so that time or money or other resources are wasted.

inelastic - (of supply and demand) unresponsive to changes in price.

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