- Industry: Education
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A government-imposed upper limit on the price that may be charged for a product. If that limit is binding, it implies a situation of excess demand and shortage.
Industry:Economy
A government-imposed lower limit on the price that may be charged for a product. If that limit is binding, it implies a situation of excess supply, which the government may need to purchase itself to keep price from falling.
Industry:Economy
A measure of the average prices of a group of goods relative to a base year. A typical price index for a vector of quantities ''q'' and prices ''p<sup>b</sup>'', ''p<sup>g</sup>'' in the base and given years respectively would be ''I'' = 100''p<sup>g</sup>q'' / ''p<sup>b</sup>q''.
Industry:Economy
A measure of the extent to which two economic or statistical variables move together, normalized so that its values range from -1 to +1. It is defined as the covariance of the two variables divided by the square root of the product of their variances. The correlation is used in trade theory to express weak relationships among economic variables.
Industry:Economy
1. Any situation in which a country, usually a developing country, finds itself unable to service its debts. 2. The Latin American Debt Crisis.
Industry:Economy
1. The productive activity of getting produced goods from the factory into the hands of consumers. 2. The amounts of income or wealth in the hands of different portions of a population.
Industry:Economy
A variable that is measured and publicly reported and that is considered meaningful not only for itself but as a sign of how rapidly the larger economy is expanding or contracting.
Industry:Economy
A measure of the protection provided to an industry by the entire structure of tariffs, taking into account the effects of tariffs on inputs as well as on outputs. Letting ''b<sub>ij</sub>'' be the share of input ''i'' in the value of output ''j'', and ''t<sub>i</sub>'' be the tariff on good ''i'', the ERP of industry ''j'' is ''ERP<sub>j</sub>'' = (''t<sub>j</sub>''-''<sub>i</sub>b<sub>ij</sub>t<sub>i</sub>'')/(1-''<sub>i</sub>b<sub>ij</sub>''). Due to Corden (1966).
Industry:Economy
An asset market in which, at a minimum, current price changes are independent of past price changes, or, more strongly, price reflects all (publicly) available information. Some believe foreign exchange markets to be efficient, which in turn implies that future exchange rates cannot profitably be predicted.
Industry:Economy
1. Intervention in a market in order to reduce fluctuations in price. This has sometimes been attempted by means of a buffer stock in markets for primary products. 2. The use of macroeconomic policies to reduce inflation.
Industry:Economy
