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A significant decline in economic activity. In the U. S. , recession is approximately defined as two successive quarters of falling GDP, as judged by NBER. A recession in one country may be caused by, or may itself cause, recession in another country with which it trades.
Industry:Economy
Agreement between two countries to open their markets to each other's exports, usually by each reducing tariffs. Early trade rounds under the GATT consisted mostly of reciprocal trade agreements, extended to other contracting parties by the MFN requirement.
Industry:Economy
A principle that underlies GATT negotiations, that countries exchange comparable concessions.
Industry:Economy
A category of subsidies that is forbidden under WTO rules. This terminology is used in the Agriculture Agreement, where however there is no red box. Presumably equivalent to prohibited subsidies. See box.
Industry:Economy
A policy that taxes some individuals and uses the proceeds to pay transfers to others.
Industry:Economy
A tariff that, if changed, will not change the quantity of imports, either because the tariff is prohibitive, or because some other policy such as a quota or an embargo is limiting quantity.
Industry:Economy
A subsidy directed at a geographic region within a country to assist its development. Such subsidies are non-actionable under WTO rules.
Industry:Economy
1. A preferential trade agreement among countries that are geographically close together. 2. (As the term is used by the WTO) any preferential trade agreement among countries regardless of their location.
Industry:Economy
1. Economic rent: The premium that the owner of a resource receives over and above its opportunity cost. 2. The payment to the owner of land or other property in return for its use.
Industry:Economy
A person whose income comes mainly from rent on land or, more broadly, from assets rather than labor. (Pronounced "Ron' Tee Yay". )
Industry:Economy
