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A currency defined as a specified combination of two or more currencies, normally existing only as a unit of account rather than as a physical currency. Examples include the SDR and the ECU.
Industry:Economy
A fictional good that is used in economic analysis to stand in for a large number of goods, usually all other goods than the one that is the focus of attention.
Industry:Economy
A tariff that combines both a specific and an ad valorem component. Thus, on an import with quantity ''q'' and price ''p'', a compound tariff collects a revenue equal to ''t<sub>s</sub>q + t<sub>a</sub>pq'', where ''t<sub>s</sub>'' is the specific tariff and ''t<sub>a</sub>'' is the ad valorem tariff.
Industry:Economy
A legal requirement for the owner of a patent to let other firms produce its product, under specified terms. Countries sometimes require foreign patent holders to license domestic firms so as to improve access to the patented product at lower cost. This is permitted by the TRIPs Agreement for certain purposes, such as protecting public health.
Industry:Economy
An analogue to covariance for three variables. For three variables ''x'', ''y'', and ''z'' with values ''x<sub>i</sub>'', ''y<sub>i</sub>'', ''z<sub>i</sub>'', ''i=''1,…,''n'', the comvariance is com(''x'',''y'',''z'') = ''<sub>i''=1…''n</sub>''(''x<sub>i</sub>''-m(''x''))(''y<sub>i</sub>''-m(''y''))(''z<sub>i</sub>''-m(''z'')), where m(•) is the mean of the values in its argument. Due to Deardorff (1982).
Industry:Economy
A common measure of industry concentration, defined as the percent of sales in the industry accounted for by the largest ''n'' firms. ''n'' is some small number such as 4 or 6, and the result is called the "''n''-firm concentration ratio. "
Industry:Economy
A social welfare function that takes special account of the costs to individuals of losing relative to the status quo, and that therefore seeks to avoid large losses to significant groups within the population. Due to Corden (1974).
Industry:Economy
1. Something that is put into the care of another, as when a batch of traded goods is consigned to a shipper for transport to another location. 2. A method of marketing in which the seller entrusts a product to an agent, who then attempts to sell it on the seller's behalf, or "on consignment. "
Industry:Economy
A bond with no maturity date, which instead pays a fixed amount per year forever. Its simplicity makes it a convenient example in textbooks, where it appears much more frequently than in the real world.
Industry:Economy
A function representing an economy's transformation curve along which the elasticity of transformation is constant.
Industry:Economy
