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Equipment rental was first developed in Anglo-Saxon countries. It emerged in the UK after the First World War and has now become a multi-billion euro business providing a wide range of construction and industrial equipment for customers globally.The American Rental Association was founded as early as 1955, [1] and the first waves of consolidation took place in the 1970s in North America ...
In the UK Crane Rental industry in the UK, which is one of the most highly developed crane rental industries in the world, special regulations for health and safety and rental procedures are in place. These are maintained as the CPA regulations. [1] In Europe, European Rental Association is the trade body representing the equipment rental industry.
In general usage, rent refers to a payment made in exchange for temporary use of property, for example paying rent to stay in an apartment. In economics, rent is any payment to an owner or factor of production in excess of the costs needed to bring that factor into production. Effectively, it is payment made to a producer above and beyond what ...
IAS 16 applies to property, plant and equipment (PPE). The standard itself defines PPE as "tangible items that are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and are expected to be used during more than one [accounting] period."
Rent-seeking is an attempt to obtain economic rent (i.e., the portion of income paid to a factor of production in excess of what is needed to keep it employed in its current use) by manipulating the social or political environment in which economic activities occur, rather than by creating new wealth.
By definition, there are no fixed costs in the long run, because the long run is a sufficient period of time for all short-run fixed inputs to become variable. [ 2 ] [ 3 ] Investments in facilities, equipment, and the basic organization that cannot be significantly reduced in a short period of time are referred to as committed fixed costs.
The economic concept dates back to Adam Smith and the idea of obtaining larger production returns through the use of division of labor. [2] Diseconomies of scale are the opposite. Economies of scale often have limits, such as passing the optimum design point where costs per additional unit begin to increase.
Many rental items have hidden or embedded accessories or attachments; for example, rental cars are typically supplied with a full tank of fuel. Effectively the fuel tank is an embedded accessory. Some accessories may be consumables , for example dust masks and sanding belts may accompany a floor sander .