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A market for exchange (of currencies, in the case of the exchange market) in the future. That is, participants contract to exchange currencies, not today, but at a specified calendar date in the future, and at a price (exchange rate) that is agreed upon today.
Industry:Economy
A theoretical construct in game theory in which players select actions or strategies and the payoffs depend on the actions or strategies of all players.
Industry:Economy
A somewhat derogatory term for the language of GATT negotiations, in which exports are good, imports are bad, and a reduction in a barrier to imports is a concession. Similar to mercantilism. Due to Krugman (1991b).
Industry:Economy
A multilateral treaty entered into in 1948 by the intended members of the International Trade Organization, the purpose of which was to implement many of the rules and negotiated tariff reductions that would be overseen by the ITO. With the failure of the ITO to be approved, the GATT became the principal institution regulating trade policy until it was incorporated into the WTO in 1995.
Industry:Economy
1. The second ministerial meeting of the World Trade Organization, held in Geneva, Switzerland, May 18-20, 1998. It did not do much. 2. The WTO's seventh ministerial, also held in Geneva, November 30 - December 2, 2009. Held during the financial and economic crisis that had begun the year before, during a period when the Doha Round was stalled, the theme of the meeting was "The WTO, the Multilateral Trading System and the Current Global Economic Environment. "
Industry:Economy
A label identifying where a product was produced or grown, and implying characteristics or quality particular to that location. Use of such labels by producers from other countries, has increasingly been the subject of international dispute.
Industry:Economy
A good that is so inferior and so heavily consumed at low incomes that the demand for it rises when its price rises. The reason is that the price increase lowers income sufficiently that the positive income effect (because it is inferior) outweighs the negative substitution effect.
Industry:Economy
A measure of income inequality within a population, ranging from zero for complete equality, to one if one person has all the income. It is defined as the area between the Lorenz Curve and the diagonal, divided by the total area under the diagonal.
Industry:Economy
An allocation that is better, by some criterion, than all others possible; optimum optimorum.
Industry:Economy
