- Industry: Education
- Number of terms: 31274
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A theoretical economy in which goods are not produced, but exist as endowments, and are then traded among consumers.
Industry:Economy
A market structure in which the single seller has essentially no competition from producers of close substitutes or from potential entrants. The difference from a simple monopoly is not clear cut.
Industry:Economy
A financial contract that permits (but does not require) the buyer of the option to sell a commodity or financial instrument (perhaps a currency) to the seller of the option at a specified time and price.
Industry:Economy
1. Referring only to the characteristics of something being described, rather than exact numerical measurement. 2. Indicative only of relative sizes or magnitudes, rather than their numerical values. A qualitative comparison would say whether one thing is larger, smaller, or equal to another, without specifying the size of any difference. As opposed to quantitative.
Industry:Economy
1. As introduced by the Bank of Japan during the 1990s, this meant expanding the money supply by open market operations after the nominal interest rate was zero. Since the interest rate could fall no further, the intent was that the quantity of money would directly stimulate aggregate demand. 2. As introduced in response to the financial and economic crisis of 2008, it referred not just to expanding the money supply, but to doing it by central bank purchases of assets other than short-term government securities, such as mortgage backed securities. The purpose was to provide credit more directly to parts of the economy that needed it.
Industry:Economy
A restriction on trade, usually imports, limiting the quantity of the good or service that is traded; a quota is the most common example, but VERs usually take the form of QRs. QRs on traded services are more likely to restrict the number or activities of foreign service providers than the services themselves, since the latter are hard to monitor and measure.
Industry:Economy
A method of defining relative factor abundance based on ratios of factor quantities: Compared to country ''B'', country ''A'' is abundant in factor ''X'' relative to factor ''Y'' iff ''X<sup>A</sup>/Y<sup>A</sup> > X<sup>B</sup>/Y<sup>B</sup>'', where ''I<sup>J</sup>'' is the quantity of factor ''I'' with which country ''J'' is endowed, ''I=X'',''Y'', ''J=A'',''B''.
Industry:Economy
A measure of the average quantities of a group of goods relative to a base year. This is usually obtained by using a price index to convert nominal value (price times quantity) to real values, which are then compared to provide the quantity index.
Industry:Economy
A utility function of the form ''U''(''x''<sub>0</sub>,''x''<sub>1</sub>,. . . ,''x<sub>n</sub>'') = ''x''<sub>0</sub> + ''<sub>i</sub>u<sup>i</sup>''(''x<sub>i</sub>''), where ''u<sup>i</sup>''() are strictly concave functions. This is useful for generating demand functions for goods ''x<sub>i</sub>'' that depend only on their own prices in terms of the numeraire ''x''<sub>0</sub>.
Industry:Economy
