- Industry: Education
- Number of terms: 31274
- Number of blossaries: 0
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A form of state trading enterprise, a marketing board typically buys up the domestic supply of a good and sells it on the international market.
Industry:Economy
1. The amount (percentage) by which price exceeds marginal cost. A profit-maximizing seller facing a price elasticity of demand η will set a markup equal to (''p-c'')/''p''=1/η. One effect of international trade that increases competition is to reduce markups. 2. In WTO terminology, sometimes used for the extent to which an applied tariff exceeds the bound rate.
Industry:Economy
A U. S. Program to assist the economic recovery of certain European countries after World War II. Also called the European Recovery Program, it was initiated in 1947 and it dispersed over $12 billion before it was completed in 1952.
Industry:Economy
A market adjustment mechanism in which quantity rises when demand price exceeds supply price and falls when supply price exceeds demand price.
Industry:Economy
1. This refers to the concepts of consumer surplus and producer surplus, as they were introduced by Alfred Marshall. 2. For consumer surplus, the Marshallian definition uses the demand curve holding income constant, in contrast to the Hicksian definitions, due to John Hicks, of compensating and equivalent variation.
Industry:Economy
A tariff set to collect the largest possible revenue for the government.
Industry:Economy
An aggregate figure that adjusts GDP in an attempt to measure a country's economic well-being rather than its production, with adjustments for leisure, environmental degradation, etc.
Industry:Economy
1. In a sample of data, a value above which half the values lie and below which half the values lie. 2. In a probability distribution, a value above which there is 50% probability and below which there is 50% probability.
Industry:Economy
A heterogeneous firm model in which firms employ labor as their only input, firm productivity is chosen randomly, and firms die with some constant probability. With trade, only firms with productivity above some cutoff level are able to export. Due to Melitz (2003).
Industry:Economy
