- Industry: Education
- Number of terms: 31274
- Number of blossaries: 0
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An amount that is owed, in contrast to an asset. A liability may result from borrowing, from obligation to pay for a product or service received, etc.
Industry:Economy
1. The process of making policies less constraining of economic activity. 2. Reduction of tariffs and/or removal of nontariff barriers.
Industry:Economy
1. The requirement that importers and/or exporters get government approval prior to importing or exporting. Licensing may be automatic, or it may be discretionary, based on a quota, a performance requirement, or some other criterion. 2. Granting of permission, in return for a licensing fee, to use a technology. When done by firms in one country to firms in another, it is a form of technology transfer. See compulsory licensing.
Industry:Economy
A reduction in tariffs in which the size of the reduction is linearly related to the initial size of the tariff: %''t'' = ''a'' + ''bt'', where %''t'' is the percent reduction in the tariff, ''t'' is the initial tariff, and ''a'',''b'' are constants. The simplest linear cut reduces all tariffs by the same percentage. Contrasts with the Swiss Formula.
Industry:Economy
A linear relationship between a dependent variable and one or more independent variables plus a stochastic disturbance: ''Y<sub>i</sub>=b''<sub>0</sub>+''b''<sub>1</sub>''X''<sub>1''i</sub>+. . . +b<sub>n</sub>X<sub>ni</sub>+u<sub>i</sub>. ''
Industry:Economy
A requirement that, in order to get an import license, the importer must buy a certain amount of the same product from local producers.
Industry:Economy
A financial crisis that occurs due to lack of liquidity. In international finance, it usually means that a government or central bank runs short of international reserves needed to peg its exchange rate and/or to service its foreign loans.
Industry:Economy
A situation in which expansionary monetary policy fails to stimulate the economy. As used by Keynes (1936), this meant interest rates so low that expectations of their increase made people unwilling to hold bonds. Today it usually means a nominal interest rate so near zero that lowering it further is impossible or ineffective.
Industry:Economy
A real wage that is high enough for the worker and family to survive and remain healthy and comfortable, sometimes called meeting basic needs. Term is used in calling for higher wages in both developed and developing countries, where concepts of basic needs may be very different.
Industry:Economy
