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A form of increasing returns to scale in which productivity and thus costs of individual firms depend on the output of their entire industry, rather than just their own. Unlike more conventional (internal) scale economies, these are consistent with perfect competition.
Industry:Economy
A shock that originates from outside of an economic system, especially a country.
Industry:Economy
A facilitating (or facilitation) payment is a payment for "routine governmental action," such as providing normal government services. It is, in fact, a bribe, but a small one that does not induce illegal or exceptional behavior. Making such a payment abroad is legal for U. S. Firms under the Foreign Corrupt Practices Act, but not for U. K. Or German firms, and it is also illegal in many countries where payments are made.
Industry:Economy
1. Primary factor. 2. Sometimes refers to ''any'' input to production. 3. Anything that helps to cause something, as a "contributing factor. "
Industry:Economy
A comparative advantage of a country, or a competitive advantage of a firm or national industry, that derives from low factor cost, as opposed for example to a superior technology.
Industry:Economy
A property of the technologies for two industries such that their ordering of relative factor intensities is different at different factor prices. For example, one industry may be relatively capital intensive compared to the other at high relative wages and labor intensive at low relative wages. Some propositions of the Heckscher-Ohlin Model require the absence of FIRs.
Industry:Economy
A curve in factor space showing the minimum combinations of factor prices consistent with absence of profit in producing one or more goods, given their prices. Since, with perfect competition, profit implies disequilibrium, this shows a lower bound on equilibrium factor prices.
Industry:Economy
1. The productivity of a single factor may refer to either its marginal or its average product. 2. Total factor productivity.
Industry:Economy
1. The ratios of factors employed in different industries. See factor intensities. 2. The ratios of factors with which different countries are endowed. See factor endowments.
Industry:Economy
