International economics

International economics

International trade theories, policies, finances and their effects on economic activities.

Industry: Economy

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International economics

Labour scarce

Economy; International economics

A country is labour scarce if its endowment of labour is small compared to other countries. Relative labour scarcity can be defined by either the quantity definition or the price definition.

Labor-saving

Economy; International economics

A technological change or technological difference that is biassed in favour of using less labor, compared to some definition of neutrality.

Labor-using

Economy; International economics

A technological change or technological difference that is biassed in favour of using more labor, compared to some definition of neutrality.

A measurable economic variable that varies over the business cycle, reaching peaks and troughs somewhat later than other macroeconomic variables such as GDP and unemployment. Contrasts with leading ...

Lagrangian

Economy; International economics

A function constructed in solving economic models that include maximisation of a function (the "objective function") subject to constraints. It equals the objective function minus, for each ...

Large country

Economy; International economics

A country that is large enough for its international transactions to affect economic variables abroad, usually for its trade to matter for world prices. Contrasts with a small open economy.

Internal rate of return

Economy; International economics

A way of quantifying the stream over time of returns on an investment relative to its cost. Defined as the interest rate at which the present value of the returns equals the cost.