- Industry: Education
- Number of terms: 31274
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A model of an economy in which quantities of factors can expand over time. The model on which most others are based is the Solow Model.
Industry:Economy
A foreign worker who is permitted to enter a country temporarily in order to take a job for which there is shortage of domestic labor.
Industry:Economy
An agreement among six countries of the Persian Gulf region in 1981 with the aim of coordinating and integrating their economic policies.
Industry:Economy
A currency that is widely accepted around the world, usually because it is the currency of a country with a large and stable market. Examples today include the U. S. Dollar and the euro.
Industry:Economy
A pegged exchange rate with a credible commitment never to change the par value, thus subordinating monetary policy to the needs of the exchange market and denying access to devaluation as a policy tool. In practice, the effects of a hard peg are achieved only through a currency board or by adopting another country's currency, e.g. Dollarization.
Industry:Economy
1. The changing of government regulations and practices, as a result of an international agreement, to make those of different countries the same or more compatible. 2. In the case of tariffs, this means making tariff rates more similar across industries and/or across countries.
Industry:Economy
A particular specification of technological change or technological difference that is labor augmenting.
Industry:Economy
A common measure of poverty, defined as the percentage of the population living below the poverty line.
Industry:Economy
A model of international trade in which comparative advantage derives from differences in relative factor endowments across countries and differences in relative factor intensities across industries. Sometimes refers only to the textbook or 2x2x2 model, but more generally includes models with any numbers of factors, goods, and countries. Model was originally formulated by Heckscher (1919), fleshed out by Ohlin (1933), and refined by Samuelson (1948, 1949, 1953).
Industry:Economy
A United States law enacted in 1996 that penalized companies for doing business in Cuba. Since the law applied to non-U. S. Companies as well as U. S. Companies, other governments objected.
Industry:Economy
