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A function that specifies the output in an industry for all combinations of inputs.
Industry:Economy
A table reporting various combinations of outputs that are possible for an economy, given its technology and factor endowments. Thus the data on which the production possibility frontier is based.
Industry:Economy
A diagram showing the maximum output possible of one good for various outputs of another (or several others), given technology and factor endowments. Also called a transformation curve or production possibility curve.
Industry:Economy
A worker directly engaged in production. In empirical studies of skilled and unskilled labor, data on production workers are often taken to represent unskilled labor.
Industry:Economy
1. The manipulation of costs and revenues within a MNC across taxing jurisdictions (countries) so as to record profits where they will be taxed at the lowest rate. See transfer pricing. 2. The use of government policies to alter the outcome of international oligopolistic competition so as to increase the profits of domestic firms at the expense of foreign firms. This is a key element of strategic trade policy.
Industry:Economy
A subsidy that is forbidden under the rules of the WTO. These include subsidies that are specifically designed to distort international trade, such as export subsidies or subsidies that require use of domestic rather than imported inputs.
Industry:Economy
A research consortium established in 1968 to link together several national econometric models to produce a macroeconometric model of the world economy. Today the project includes models of 78 countries.
Industry:Economy
