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A market structure in which there are a small number of sellers, at least some of whose individual decisions about price or quantity matter to the others.
Industry:Economy
A free-trade equilibrium in the Heckscher-Ohlin Model in which prices are such that all goods can be produced within a single country, and there is only one diversification cone. This will arise if countries' factor endowments are sufficiently similar compared to factor intensities of industries. Contrasts with multi-cone equilibrium.
Industry:Economy
A characterization of the Kaldor-Hicks welfare criterion normally used in evaluating trade policies and more generally in cost-benefit analysis, based on a sum of monetary values including consumer and producer surplus.
Industry:Economy
A "multilateral financial facility to channel OPEC aid to developing countries. "
Industry:Economy
1. Any measure of openness. 2. The ratio of a country's trade (exports plus imports) to its GDP.
Industry:Economy
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
