- Industry: Education
- Number of terms: 31274
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A measurable economic variable that varies over the business cycle, reaching peaks and troughs somewhat later than other macroeconomic variables such as GDP and unemployment. Contrasts with leading indicator.
Industry:Economy
A function constructed in solving economic models that include maximization of a function (the "objective function") subject to constraints. It equals the objective function minus, for each constraint, a variable "Lagrange multiplier" times the amount by which the constraint is violated.
Industry:Economy
A country that is large enough for its international transactions to affect economic variables abroad, usually for its trade to matter for world prices. Contrasts with a small open economy.
Industry:Economy
A group of Latin American countries formed in 1960 with the aim of establishing a free trade area. This aim was never achieved, and LAFTA was replaced in 1980 with the Latin American Integration Association.
Industry:Economy
A trade agreement between the Philippines and the United States replacing the Bell Trade Act, signed in 1955 and expired in 1974. It made reciprocal a controversial "parity" clause of the Bell Act, whereby Americans were given some of the same rights as Filipinos within the Philippines.
Industry:Economy
A measurable economic variable that varies over the business cycle, reaching peaks and troughs somewhat earlier than other macroeconomic variables such as GDP and unemployment, and therefore useful for forecasting them. Contrasts with lagging indicator.
Industry:Economy
An association of mainly Arabic-speaking countries founded in Cairo in 1945 to strengthen ties amoung the members, coordinate policies among them, and promote their common interests. As of July 2010, it has 22 members.
Industry:Economy
A relationship representing either average cost or average product as a function of the accumulated output produced. Usually reflecting learning by doing, the learning curve shows cost falling, or average product rising.
Industry:Economy
A country designated by the UN as least developed based on criteria of low per capita GDP, weak human resources (life expectancy, calorie intake, etc. ), and a low level of economic diversification (share of manufacturing and other measures). As of June 2010, 49 countries are designated as LDCs.
Industry:Economy
A composite of two or more goods or factors that includes them in fixed proportions, analogous to the Leontief technology.
Industry:Economy
