- Industry: Education
- Number of terms: 31274
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1. The interaction between supply and demand to determine the market price and corresponding quantity bought and sold. 2. The determination of economic allocations by decentralized, voluntary interactions among those who wish to buy and sell, responding to freely determined market prices.
Industry:Economy
A country in which most economic decisions are left up to individual consumers and firms interacting through markets. Contrasts with central planning and non-market economy.
Industry:Economy
1. Ability of a firm or other market participant to influence price by varying the amount that it chooses to buy or sell. 2. Ability of a country to influence world prices by altering its trade policies.
Industry:Economy
A U. S. Program to assist the economic recovery of certain European countries after World War II. Also called the European Recovery Program, it was initiated in 1947 and it dispersed over $12 billion before it was completed in 1952.
Industry:Economy
An aggregate figure that adjusts GDP in an attempt to measure a country's economic well-being rather than its production, with adjustments for leisure, environmental degradation, etc.
Industry:Economy
1. Early name for the discipline of economics. 2. A field within economics encompassing several alternatives to neoclassical economics, including Marxist economics. Also called radical political economy. 3. A field within economics that concerns the interactions between political processes and economic variables, especially economic policies.
Industry:Economy
An approach to explaining exchange rates that stresses their role in changing the proportions of different currency-denominated assets in portfolios. The exchange rate adjusts to equate these proportions to desired levels.
Industry:Economy
A beneficial externality; that is, a beneficial effect of one economic agent's actions on another. Considered a distortion because the first agent has inadequate incentive to act. Examples are the attractiveness of well-kept farms for the tourism industry (a production externality) and reduced contagion of disease due to vaccines (a consumption externality).
Industry:Economy
A tariff lower than the MFN tariff, levied against imports from a country that is being given favored treatment, as in a preferential trading arrangement or under the GSP.
Industry:Economy
