17 Terms
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International economics
International trade theories, policies, finances and their effects on economic activities.
Industry: Economy
Add a new termContributors in International economics
International economics
Price definition
Economy; International economics
A method of defining relative factor abundance based on ratios of factor prices in autarky: Compared to country ''B'', country ''A'' is abundant in factor ''X'' relative to factor Y iff ''w X A /w Y ...
Single undertaking
Economy; International economics
A term, in trade negotiations, for requiring participants to accept or reject the outcome of multiple negotiations in a single package, rather than selecting among them.
Skill-biased
Economy; International economics
A technological change or technological difference that is biassed in favour of using more skilled labor, compared to some definition of neutrality.
Slave trade
Economy; International economics
1. The exchange of human beings, regarded as property of other human beings, in exchange for money or other things of value. 2. The transport of slaves that took place between Africa and other parts ...
Slump
Economy; International economics
A decline in performance, either of a firm as a slump in sales or profits, or of a country as a slump in output or employment.
SMAC function
Economy; International economics
An acronym for the CES function based on the names of the four authors who introduced it in Arrow et al. (1961).
Rule of law
Economy; International economics
A legal system in which rules are clear, well-understood, and fairly enforced, including property rights and enforcement of contracts.
