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1. For an individual or household, the condition that income equals expenditure (in a static model), or that income minus expenditure equals the value of increased asset holdings (in a dynamic model). 2. For a country, the condition that the value of exports equals the value of imports or, if capital flows are permitted, that exports minus imports equals the net capital outflow. It is equivalent to income from production equaling expenditure on goods plus net acquisition of foreign assets. 3. The curve, usually a straight line, representing either of these conditions.
Industry:Economy
A large quantity of a commodity held in storage to be used to stabilize the commodity's price. This is done by buying when the price is low and adding to the buffer stock, selling out of the buffer stock when the price is high, hoping to reduce the size of price fluctuations. See international commodity agreement.
Industry:Economy
A US law enacted in 2000 requiring that revenues from anti-dumping duties and countervailing duties be given to the US domestic producers who had filed the cases.
Industry:Economy
1. Navigation and trade by ship along a coast, especially between ports within a country. Restricted in the U. S. By the Jones Act to domestic shipping companies. 2. Air transportation within a country. Often restricted to domestic carriers, in an example of barriers to trade in services.
Industry:Economy
A trade model in which all factors of production are assumed immobile between industries. See specific factors model.
Industry:Economy
A group of agricultural exporting countries, currently (2007) numbering 19, that was formed in 1986 to act as a counterweight especially to the EU in international negotiations on agriculture. Named after the city in Australia where the group first met, in August 1986.
Industry:Economy
A free trade agreement between Canada and the United States signed in 1989 and superseded by the NAFTA in 1994.
Industry:Economy
1. The plant and equipment used in production. 2. One of the main primary factors, the availability of which contributes to the productivity of labor, comparative advantage, and the pattern of international trade. 3. A stock of financial assets.
Industry:Economy
A country is capital abundant if its endowment of capital is large compared to other countries. Relative capital abundance can be defined by either the quantity definition or the price definition.
Industry:Economy
