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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 straight line representing the combinations of variables, usually two goods, that cost the same at some given prices. The slope of a price line measures relative prices, and changes in prices can therefore be represented by changing the slope of, or rotating, a price line. A steeper line means a higher relative price of the good measured on the horizontal axis.
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
A commitment by an exporting firm to raise its price in an importing-country market, as a means of settling an anti-dumping suit and preventing an anti-dumping duty.
Industry:Economy
1. The use of an increased trade barrier in response to another country increasing its trade barrier, either as a way of undoing the adverse effects of the latter's action or of punishing it. 2. The formal procedure permitted under the GATT whereby a country may raise discriminatory tariffs above bound levels against a GATT member that has violated GATT rules and not provided compensation.
Industry:Economy
1. A reassessment of what something is worth, especially an upward reassessment. 2. Of an exchange rate, opposite of a devaluation. Thus, and appreciation.
Industry:Economy
1. In general use, this seems to be essentially the same as a budget deficit, but with attention given to the low level of revenue rather than to the high level of expenditure. 2. More precisely, this means a larger deficit (or smaller surplus) than had been budgeted for.
Industry:Economy
A specific factors model with a single specific factor in each industry and one mobile factor, named after two of the many who used this as the standard model of trade prior to the Heckscher-Ohlin Model. It extends the simple Ricardian Model by allowing the marginal product of labor to fall with output. It was revived by Jones (1971), Samuelson (1971), then merged with H-O by Mayer (1974), Mussa (1974), and Neary (1978).
Industry:Economy
