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An allocation that it is impossible unambiguously to improve upon, in the sense of producing more of one good without producing less of another.
Industry:Economy
An asset market in which, at a minimum, current price changes are independent of past price changes, or, more strongly, price reflects all (publicly) available information. Some believe foreign exchange markets to be efficient, which in turn implies that future exchange rates cannot profitably be predicted.
Industry:Economy
1. The method of analyzing the determination of the balance of trade, especially due to a devaluation, that focuses on the price elasticities of exports and imports. According to this approach, the effect depends critically on the Marshall-Lerner Condition. 2. The explanation of exchange rates using supply and demand curves.
Industry:Economy
A measure of responsiveness of one economic variable to another -- usually the responsiveness of quantity to price along a supply or demand curve -- comparing percentage changes (%) or changes in logarithms (d ln). The arc elasticity of ''x'' with respect to ''y'' is = %''x''/%''y''. The point elasticity is = d ln''x''/d ln''y'' = (''y/x'')(d''x''/d''y'').
Industry:Economy
1. Originally this term was applied to countries that had recently ceased to be part of the Soviet Union and its satellites, and thus emerging from centrally planned communist economies. The term drew attention to their transition to becoming market economies. 2. Rather quickly, perhaps acknowledging the importance of central planning and the failure of markets in many other countries, the term has expanded to encompass also developing countries, not necessarily ever communist, as they expanded the role of markets.
Industry:Economy
1. Term coined in the early 1980s by World Bank economist Antoine van Agtmael to describe "economies with low-to-middle per capita income" (according to ''Financial Times'' Oct 20, 2006). 2. Same as emerging economy. 3. The securities market of an emerging economy.
Industry:Economy
1. Something that depends on other things, which should be taken into account in an analysis. 2. Endogenous variable.
Industry:Economy
A natural or artificial impediment to a firm beginning to operate in an industry. Entry barriers give a first mover advantage to firms already in an industry, and these are often national firms in competition with potential foreign entrants.
Industry:Economy
A subsidy intended for environmental purposes. A subsidy for adapting existing facilities to new environmental laws or regulations is non-actionable under WTO rules.
Industry:Economy
1. A state of balance between offsetting forces for change, so that no change occurs. 2. In competitive markets, equality of quantity supplied and quantity demanded.
Industry:Economy
