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There are three types of authority often used in business transactions such as real estate: express, implied and apparent. The implied contract is created by the actions, behavior or circumstances of the people involved. The implied rate is the interest rate equal to the difference between the spot rate and the forward or futures rate. Implied volatility is the market’s forecast of the likely movement in the price of a security. Import is a good or service produced abroad and purchased in your country. Import duty is also known as customs duty, tariff, import tax or import tariff. Import substitution industrialization is an economic theory adopted by developing countries that want to reduce their dependence on developed countries. Impressions are used to quantify the number of digital views or interactions with a piece of content, usually an ad, digital post, or web page. Advances refers to a type of cash account maintained by a company that is used to pay for small unexpected or ongoing expenses. Impulse waves are trend-confirming patterns identified by Elliott Wave Theory.