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1. For a firm this usually means the output of the good that it produces that, when sold, maximizes profit. 2. For a country, this usually means the combination of different goods (and services) that it can produce that is worth the most at world prices, perhaps adjusted for any externalities.
Industry:Economy
An argument in favor of levying a tariff in order to improve the terms of trade. The argument is valid only in a large country, and then only if other countries do not retaliate by raising tariffs themselves. Even then, this is a beggar thy neighbor policy, since it lowers welfare abroad. See Johnson (1954).
Industry:Economy
1. Given a constraint of a minimum amount of revenue that a taxation must raise, a system of optimal taxes will minimize the distortion that they cause. 2. In the presence of an externality, the optimal tax (or subsidy) is that which will internalize its effects so that optimal decisions will be made.
Industry:Economy
1. The best. Usually refers to a most preferred choice by consumers subject to a budget constraint, a profit maximizing choice by firms or industry subject to a technological constraint, or in general equilibrium, a complete allocation of factors and goods that in some sense maximizes welfare. 2. As an adjective, same as optimal.
Industry:Economy
A contract that permits one party to buy from (or sell to) the other party something at a prespecified price during a prespecified period of time, leaving the choice of whether to do this or not (whether to "exercise" the option) up to the first party, which buys the option. Options exist for many assets, including foreign exchange.
Industry:Economy
An agreement among a group of exporting and importing countries to restrict the quantities traded of a good or group of goods. Since the impetus normally comes from the importers protecting their domestic industry, an OMA is effectively a multi-country VER.
Industry:Economy
A group of countries that includes many, but not all, of the largest exporters of oil. Its major purpose is to regulate the supply of petroleum and thereby to stabilize (often raise) its price. The international oil cartel. As of July 2010, it had 12 member countries.
Industry:Economy
1. Performance outside a firm or plant of a production activity that was previously done inside. 2. Manufacture of inputs to a production process, or a part of a process, in another location, especially in another country. 3. Another term for fragmentation.
Industry:Economy
A framework for analyzing the decision to engage in FDI, based on three kinds of advantage that FDI may provide in comparison to exports: Ownership, Location, and Internalization. Due to Dunning (1979).
Industry:Economy
