- Industry: Education
- Number of terms: 31274
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1. Referring to a single firm or industry, the rise in cost of production that occurs when output is increased by expanding variable inputs while holding some fixed input constant. A corollary of the Law of Diminishing Returns. 2. In general equilibrium, increasing opportunity cost.
Industry:Economy
A U. S. -based coalition of organizations committed to the transformation of the IMF and the World Bank. Its more formal name is U. S. Network for Global Economic Justice. Its demands include debt cancellation, end of structural adjustment, and payment of various reparations.
Industry:Economy
A property of a production function such that changing all inputs by the same proportion changes output more than in proportion. Common forms include homogeneous of degree greater than one and production with constant marginal cost but positive fixed cost. Also called economies of scale, scale economies, and simply increasing returns. Contrasts with decreasing returns and constant returns.
Industry:Economy
A quantitative measure, usually of something the measurement of which is not straightforward, such as an average of many diverse prices, or a concept such as economic development or human rights.
Industry:Economy
A numerical index, usually indicating, by comparison with a base value of 100, the size of the index relative to a base year or other benchmark for comparison. Thus, for example, a CPI of 115 in 2004 with a base year of 1999 means that prices have risen 15% from 1999 to 2004.
Industry:Economy
A question the answer to which depends on a choice of weights. E. G. , the effect of trade on the real wage of labor in the specific factors model is an index number problem, depending on how much workers consume of (lower-priced) imported and (higher-priced) exported goods.
Industry:Economy
An alternative to GDP intended as a measure of welfare rather than simply production. As such it would take account of such things as income distribution, environmental impact, and leisure. No single measure of ISEW seems to have been agreed upon.
Industry:Economy
A means of representing the preferences and well being of consumers. Formally, it is a curve representing the combinations of arguments in a utility function that yield a given level of utility.
Industry:Economy
1. The portion of an economy that produces a particular related group of products; e. G. , the motor vehicle industry, the tourism industry, the mining industry. A list of industries might well include agriculture. 2. One of three main sectors of an economy, the other two being the agriculture and service sectors. Industry in turn includes mining and manufacturing.
Industry:Economy
A good the demand for which falls as income rises. The income elasticity of demand is therefore negative.
Industry:Economy
