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Name: Economic Life
Acronym:
Type: Glossary Item


Definition:
The total length of time that an asset is expected to remain actively in service before it is expected that it would be cheaper to replace the equipment rather than continuing to maintain it. In practice, equipment is more often replaced for other reasons, including: because it no longer meets operational requirements for efficiency, product quality, comfort etc., or because newer equipment can provide the same quality and quantity of output more efficiently.




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