- Industry: Education
- Number of terms: 31274
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1. Fairness and equity in economic affairs, presumably by having laws, governments, and institutions that treat people equally and avoid favoring particular individuals or groups. 2. As most often used, the term carries a connotation that economic justice can only be achieved by lessening the power and changing the practices of international financial institutions, transnational corporations, and rich-country governments.
Industry:Economy
A collection of assumptions, often expressed as equations relating variables, from which inferences can be derived about economic behavior and performance.
Industry:Economy
A common market with the added feature that additional policies -- monetary, fiscal, welfare -- are also harmonized across the member countries.
Industry:Economy
A measure of responsiveness of one economic variable to another -- usually the responsiveness of quantity to price along a supply or demand curve -- comparing percentage changes (%) or changes in logarithms (d ln). The arc elasticity of ''x'' with respect to ''y'' is = %''x''/%''y''. The point elasticity is = d ln''x''/d ln''y'' = (''y/x'')(d''x''/d''y'').
Industry:Economy
A natural or artificial impediment to a firm beginning to operate in an industry. Entry barriers give a first mover advantage to firms already in an industry, and these are often national firms in competition with potential foreign entrants.
Industry:Economy
1. A state of balance between offsetting forces for change, so that no change occurs. 2. In competitive markets, equality of quantity supplied and quantity demanded.
Industry:Economy
A temporary institution that existed from January 1994 to June 1998 during the years leading up to the European Central Bank and the introduction of the euro. It's purpose was to facilitate cooperation and coordination among the central banks of the EU and to pave the way for the shift to the euro.
Industry:Economy
A currency union formed by some of the members of the EEC in 1979 that continued, with changing membership, until replaced by the EMU and the euro in 1999.
Industry:Economy
A free trade area made up of countries in Europe that did not join the European Economic Community. EFTA was established in 1960 among Austria, Denmark, Norway, Portugal, Sweden, Switzerland, and the United Kingdom. As of 2010 it includes Iceland, Liechtenstein, Norway, and Switzerland.
Industry:Economy
A group of European countries that have chosen to integrate many of their economic activities, including forming a customs union and harmonizing many of their rules and regulations. Preceded by EEC and EC. As of July 25, 2010, the EU had 27 member countries.
Industry:Economy
