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Simple English definitions for legal terms
markdown
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A quick definition of markdown:
Markdown: A markdown is when the price of something is reduced to make it cheaper to buy.
A more thorough explanation:
Term: MARKDOWN
Definition: Markdown refers to a reduction in the selling price of a product or service.
Example: A shirt that was originally priced at $50 is now being sold for $30 due to a markdown.
Explanation: Markdown is a term used in retail to describe a decrease in the price of a product or service. This can be due to various reasons such as clearance sales, end of season sales, or simply to attract more customers. The example given illustrates how a markdown can result in a lower selling price for a product.