Home > The Oxford Dictionary of Economics > wear and tear
wear and tear
wear and tearThe cumulative damage done to equipment through normal use. Examples include the effect of driving in using up car tyres and oil. Normal wear and tear is not insurable, unlike accidental damage which can usually be insured against. Its effects are also excluded from cover by manufacturers' warranties. Wear and tear is one of the major causes of capital consumption, the others being accidents and obsolescence.
Join eNotes
Over 3,500 study guides, question and answer forums, literature criticism, reference content, and much more!
Oxford University Press Titles
- The Concise Oxford Dictionary of Archaeology
- The Oxford Dictionary of Economics
- The Oxford Companion to American Literature
- The Oxford Companion to American Military History
- The Oxford Companion to Classical Civilization
- The Oxford Companion to English Literature
- The Oxford Companion to Fairy Tales
- The Oxford Companion to Shakespeare
- The Oxford Dictionary of Plays
- The Oxford Dictionary of Art
- Oxford Dictionary of Sociology
- Oxford Dictionary of World History
- Oxford Dictionary of World Mythology
