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1. The GATT principle that members who violate GATT rules must compensate other countries by lowering tariffs or making other concessions, or be subject to retaliation. 2. The actual or potential payment by the winners from a change in trade or other policy to the losers, intended to undo the harm to the latter. Actual compensation is rare, but the potential for compensation is used as the basis for most evaluations of the gains from trade.
Industry:Economy
1. Applied to a market or industry, this usually means perfectly competitive. Contrasts with imperfectly competitive. 2. Applied to a firm or the products of a country, this usually means having low price, high quality, or other characteristics that make it attractive to purchasers compared to products from other firms or countries. See competitiveness.
Industry:Economy
A market for a factor in which both suppliers and demanders are perfectly competitive, taking the factor price as given.
Industry:Economy
A measure of competitiveness, such as the Global Competitiveness Index.
Industry:Economy
1. Non-production of some of the goods that a country consumes, as in definition 2 of specialization. 2. Production only of goods that are exported or nontraded, but none that compete with imports. 3. Production of only one good. 4. Being the only country in the world to produce a good.
Industry:Economy
A currency defined as a specified combination of two or more currencies, normally existing only as a unit of account rather than as a physical currency. Examples include the SDR and the ECU.
Industry:Economy
A fictional good that is used in economic analysis to stand in for a large number of goods, usually all other goods than the one that is the focus of attention.
Industry:Economy
A tariff that combines both a specific and an ad valorem component. Thus, on an import with quantity ''q'' and price ''p'', a compound tariff collects a revenue equal to ''t<sub>s</sub>q + t<sub>a</sub>pq'', where ''t<sub>s</sub>'' is the specific tariff and ''t<sub>a</sub>'' is the ad valorem tariff.
Industry:Economy
A legal requirement for the owner of a patent to let other firms produce its product, under specified terms. Countries sometimes require foreign patent holders to license domestic firms so as to improve access to the patented product at lower cost. This is permitted by the TRIPs Agreement for certain purposes, such as protecting public health.
Industry:Economy
An analogue to covariance for three variables. For three variables ''x'', ''y'', and ''z'' with values ''x<sub>i</sub>'', ''y<sub>i</sub>'', ''z<sub>i</sub>'', ''i=''1,…,''n'', the comvariance is com(''x'',''y'',''z'') = ''<sub>i''=1…''n</sub>''(''x<sub>i</sub>''-m(''x''))(''y<sub>i</sub>''-m(''y''))(''z<sub>i</sub>''-m(''z'')), where m(•) is the mean of the values in its argument. Due to Deardorff (1982).
Industry:Economy
