- Industry: Education
- Number of terms: 31274
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A tariff that is levied at different rates at different times of the year, usually on agricultural products, being highest at the time of the domestic harvest.
Industry:Economy
1. Any argument for protection that can be countered by pointing to a different and less distortionary policy that would achieve the same desired result at lower economic cost. 2. An argument for protection to partially correct an existing distortion in the economy when the first-best policy for that purpose is not available. For example, if domestic production generates a positive externality and a production subsidy to internalize it is not available, then a tariff may be second-best optimal.
Industry:Economy
A portion of the economy producing a particular category of goods or services, as the agricultural sector, the banking sector, etc.
Industry:Economy
A problem that cures itself if allowed to do so. Thus, for example, a payments imbalance can cause its own elimination through the specie flow mechanism. Likewise, a recession will, eventually, be eliminated by the deflation that it causes.
Industry:Economy
A prediction that comes true entirely because people believe it and act on that basis. Thus for example, a prediction that a pegged exchange rate will devalue can cause that to happen, if enough people hear it, believe it, and act on that basis by selling the currency.
Industry:Economy
1. A product that is not embodied in a physical good and that typically effects some change in another product, person, or institution. Contrasts with good. Trade in services is the subject of the GATS. 2. To make the scheduled payments on a debt, usually including both interest and amounts towards repayment of the principal. See debt service.
Industry:Economy
1. The shadow price of foreign exchange. 2. What the market exchange rate would be in the absence of various market imperfections.
Industry:Economy
A tool for decomposing changes over time in economic magnitudes into those that hold various shares constant versus shifts in those shares. Applied to international trade, it is constant market share analysis.
Industry:Economy
A parameter that determines only the position of a function, but not its slope or shape, usually by simply increasing the value of the function. For example, in the consumption function ''C''=''C''<sup>0</sup>+''cY'', ''C''<sup>0</sup> and ''c'' are both parameters, but ''C''<sup>0</sup> is a shift parameter that can be useful for analyzing a change in the desire to consume.
Industry:Economy
