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1. In the presence of excess demand (for a good, etc. ), to allocate among demanders by some means other than the price they are willing to pay. 2. The quantity of a rationed good allocated to one demander.
Industry:Economy
A good that has not been transformed by production; a primary product.
Industry:Economy
A straight line drawn from the origin of a diagram. In the Heckscher-Ohlin Model, two rays are used to define a diversification cone.
Industry:Economy
1. Expressed in terms of the amounts of goods and services that something is worth at market prices. 2. Adjusted for inflation. 3. Referring only to real economic variables as opposed to nominal, or monetary ones, as in real models. 4. Used with "appreciation" or "depreciation," refers to the real exchange rate. Thus a real appreciation means that the nominal value of a country's currency has increased by more than its relative price level may have decreased, so that the prices of its goods relative to foreign goods have increased. 5. The name of one unit of the Brazilian currency. One real equals 100 centavos. Pronounced "ray-all'".
Industry:Economy
1. The nominal exchange rate adjusted for inflation. Unlike most other real variables, this adjustment requires accounting for price levels in two currencies. The real exchange rate is: ''R'' = ''EP*/P'' where ''E'' is the nominal domestic-currency price of foreign currency, ''P'' is the domestic price level, and ''P*'' is the foreign price level. 2. The real price of foreign goods; i.e., the quantity of domestic goods needed to purchase a unit of foreign goods. Equals the reciprocal of the terms of trade. Equivalent to definition 1. 3. The relative price of traded goods in terms of nontraded goods.
Industry:Economy
A shorthand term for most of the theory of international trade, which consists largely of real models. Contrasts with international finance.
Industry:Economy
A change in allocation, as of factors of production across industries: e.g., a rise in the relative price of the capital-intensive good causes reallocation of factors into the capital-intensive sector.
Industry:Economy
A significant decline in economic activity. In the U. S. , recession is approximately defined as two successive quarters of falling GDP, as judged by NBER. A recession in one country may be caused by, or may itself cause, recession in another country with which it trades.
Industry:Economy
Agreement between two countries to open their markets to each other's exports, usually by each reducing tariffs. Early trade rounds under the GATT consisted mostly of reciprocal trade agreements, extended to other contracting parties by the MFN requirement.
Industry:Economy
A principle that underlies GATT negotiations, that countries exchange comparable concessions.
Industry:Economy
