- Industry: Education
- Number of terms: 31274
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A function representing the relationship between quantity supplied and price, specified for convenience with price as a function of quantity instead of the more usual quantity as a function of price. Thus if a conventional supply function is ''Q<sub>S</sub> = a + bP'', then the inverse supply function is ''P = Q<sub>S</sub>/b'' - (a/b). Especially appropriate if supply is infinitely elastic (i.e., constant cost).
Industry:Economy
1. Addition to the stock of capital of a firm or country. 2. Purchase of an asset, real or financial. 3. The use of resources today for the purpose of increasing productivity or income in the future.
Industry:Economy
A commercial institution that provides a variety of services to firms and other entities that seek to raise funds and/or invest their own funds. These services include underwriting, advising, managing assets, and providing their own or borrowed funds. The largest investment banks today operate in many countries.
Industry:Economy
A strategy of promoting development by encouraging production, as well as research and development, for domestic markets. Seems to be the same as import substitution, although proponents make a distinction between them.
Industry:Economy
A Keynesian macroeconomic model, popular especially in the 1960s, in which national income and the interest rate were determined by the intersection of two curves, the IS-curve and the LM-curve.
Industry:Economy
A particular version of the Mundell-Fleming Model that extends the IS-LM model by including in the diagram a third curve, the BP-curve, representing the balance of payments and/or the exchange market.
Industry:Economy
A family of standards for quality management systems, maintained by the International Organization for Standardization.
Industry:Economy
A line along which the cost of something -- usually a combination of two factors of production -- is constant. Since these are usually drawn for given prices, which are therefore constant along the line, an isocost line is usually a straight line, with slope equal to the ratio of the (factor) prices.
Industry:Economy
A curve along which price is (or prices are) constant, most commonly in factor-price space where it shows the combinations of prices of factors consistent with zero profit in producing a good at a specified price of the good.
Industry:Economy
