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A change in a production function that alters the relationship between inputs and outputs. Normally it is understood to be an improvement in technology, or technological progress, and it is of interest in international economics for its implications for trade and economic welfare.
Industry:Economy
A difference in production functions, usually for the same industry compared between two countries, such that one country has higher output for any given input than the other.
Industry:Economy
1. The complete set of knowledge about how to produce in an economy at a point in time, including techniques of production that are available but not economically viable. 2. The set of production functions available to an economy. 3. Referring to industries that are experiencing, or recently have experienced, technological progress.
Industry:Economy
1. A time lag between the appearance of a new technology and its acquisition by a country. 2. The presence in a country of a technology that other countries do not have, so that it can produce and export a good whose cost might otherwise (if other countries had the same technology but different factor prices) be higher than abroad.
Industry:Economy
A model of trade that is driven by a technology gap that is of different importance for different industries, so that technologically advanced countries have comparative advantage in sectors where technology is most important. See origin.
Industry:Economy
A mode of supplying a traded service through the temporary movement of persons employed by the supplier into the buyer's country.
Industry:Economy
An amount held at a bank or other financial institution subject to a minimum time period, or term, before it can be withdrawn without penalty. Also called a time deposit.
Industry:Economy
1. Most commonly in economics, the relative price, on world markets, of a country's exports compared to its imports. Also called the net barter terms of trade. See improve the terms of trade. * Introduced by Marshall (1923). 2. Any of several other related concepts: gross barter terms of trade, income terms of trade, single factoral terms of trade, double factoral terms of trade, and commodity terms of trade. 3. Outside of the economics of international trade, this expression often refers more broadly to the policies, facilities, and other arrangements that characterize the trade between one country or group of countries and another.
Industry:Economy
1. Paul Krugman's suggested policy for responding to a foreign subsidy: send their embassy a thank-you note, on the grounds that one benefits from cheaper imports via the terms of trade. 2. Paul Krugman, again in his December 31, 2009, column in the ''New York Times'', suggesting this as the US response if China were to sell dollars, on the grounds that it would improve US competitiveness and employment. (This is opposite of #1, presumably reflecting concern in 2009 with short-run weakness of US aggregate demand rather than longer-run effects of terms of trade. )
Industry:Economy
