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A bill introduced into the US Congress by Tom Harkin, but never passed, that would have prohibited imports of products produced by child labor.
Industry:Economy
A system for organizing, recording, and reporting data of a particular kind, such as international trade, industrial output, etc. Typical systems divide data into categories, each assigned numbers. These may be subdivided, using an additional digits, so that more digits mean a finer, or more disaggregated, classification.
Industry:Economy
A market is said to clear if supply is equal to demand. Market clearing can be brought about by adjustment of the price (or the exchange rate, in the case of the exchange market), or by some form of government (or central bank) intervention in or regulation of the market.
Industry:Economy
An arrangement among financial institutions for carrying out the transactions among them, including canceling out offsetting credits and debits on the same account.
Industry:Economy
A commitment to take or make delivery of a currency in the future that is covered by a contract in the forward market; opposite of an open position.
Industry:Economy
A popular functional form for production and utility functions. With arguments ''X'' = (''X''<sub>1</sub>,. . . ,''X<sub>n</sub>''), the function is ''F''(''X'') = ''A''''<sub>i</sub>X<sub>i</sub>''''<sub>i</sub>'', where ''<sub>i</sub>''''<sub>i</sub>'' = 1 and ''A'' are positive constants. This function has elasticity of substitution between arguments equal to one. As a production or utility function, it has competitive expenditure shares equal to ''<sub>i</sub>''.
Industry:Economy
1. A number or symbol multiplied by a variable. 2. In a regression analysis, the estimated numerical association between one variable and another, usually taken to represent the sign and size of the causal effect of one on the other.
Industry:Economy
1. Real price of commodities relative to manufactures. This would be the same as the most familiar terms of trade -- the net barter terms of trade -- for many developing countries that export primary commodities and import manufactures. 2. This terms is also used more broadly as a synonym for the net barter terms of trade for any country.
Industry:Economy
A currency that is shared by more than one country. Thus the currency of a currency area.
Industry:Economy
A group of countries that eliminate all barriers to movement of both goods and factors among themselves, and that also, on each product, agree to levy the same tariff on imports from outside the group. Equivalent to a customs union plus free mobility of factors.
Industry:Economy
