Glossary
Merchant / Trader
A natural or legal person engaged in commercial activity for profit, offering goods or services on the market and conducting transactions under the Commercial Act. This includes buying and selling goods, production, brokerage, financial and insurance operations, services, real estate transactions, leasing, and intellectual property. A merchant must register according to the law, carry out commercial transactions independently and continuously, and bear legal responsibility for their activities.
Minimum Wage - glossary for children
The lowest salary that the law requires employers to pay for a full working day.
Minimum Wage (MW)
The lowest legally permissible monthly remuneration that an employer is obliged to pay for a full working day (8 hours) under normal working conditions in Bulgaria. It is regulated by the Labour Code and the State Budget Act of the Republic of Bulgaria for the respective year. The minimum wage is set by a Council of Ministers decree based on economic indicators (GDP, labour productivity), social criteria (living costs, poverty, average wage), and consultations with trade unions and employers’ organizations. The MW is state-regulated and applies to all employees under an employment contract, including in the private sector. It is expressed as a monthly amount for a full working month, with a corresponding rate for hourly work. The MW serves as a basis for calculating social security contributions, benefits, tax reliefs, and the amounts of certain administrative fines and fees.
Misleading Commercial Practice
An unfair commercial practice that contains false information and misleads or is likely to mislead the average consumer in some way. A list of commercial practices that are in all cases considered misleading is set out in the Consumer Protection Act.
Mixed Life Insurance
An insurance product that combines risk protection (e.g., in case of death) with a payment upon survival to a specified term. The insurer undertakes to pay a sum both if a covered risk occurs and if the insured survives until the end of the policy term. These policies may include additional coverage for accidents, illness, or disability and often have a savings or investment component, with the accumulated value payable at the end of the contract.
Mobile banking
A digital banking service that allows customers to manage their bank accounts via a mobile application on a smartphone or tablet.
Mobile Payment - glossary for children
Paying using a mobile phone or a smartwatch.
Money - glossary for children
Something people use to buy and sell goods and services.
Money - glossary for children
Something people use to buy and sell goods and services.
Partners
