obsolescence

Definitions

Accounting

  • noun the process of a product going out of date because of progress in design or technology, and therefore becoming less useful or valuable

Construction

  • The condition of being out of date. A loss of value occasioned by new developments that place the older property at a competitive disadvantage.
  • A decrease in the value of an asset brought about by the development of new and more economical methods, processes, and/or machinery.
  • The loss of usefulness or worth of a product or facility as a result of the appearance of better and/or more economical products, methods or facilities.

Media Studies

  • noun the state of becoming obsolete by being replaced by something new
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