- Industry: Education
- Number of terms: 31274
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A line along which the cost of something -- usually a combination of two factors of production -- is constant. Since these are usually drawn for given prices, which are therefore constant along the line, an isocost line is usually a straight line, with slope equal to the ratio of the (factor) prices.
Industry:Economy
A curve along which price is (or prices are) constant, most commonly in factor-price space where it shows the combinations of prices of factors consistent with zero profit in producing a good at a specified price of the good.
Industry:Economy
A curve representing the combinations of factor inputs that yield a given level of output in a production function.
Industry:Economy
A free trade area between the United States and Israel that was initiated in 1985.
Industry:Economy
After a recession, an expansion of real GDP that is not accompanied by a significant expansion of employment. This is possible, for example, if labor productivity expands.
Industry:Economy
A U. S. Law that prohibits foreign ships from transporting goods or people between one U. S. Location and another. Such a restriction on cabotage is an example of a barrier to trade in a service.
Industry:Economy
A movement advocating the cancellation of debts that burden developing countries, intended to occur in the year 2000.
Industry:Economy
A variant of fragmentation due to Bhagwati and Dehejia (1994).
Industry:Economy
A group, or network, of manufacturing and other companies in Japan, usually centered around a bank and including a trading company. Keiretsus are characterized by cross-ownership of shares, strategic coordination, and preference for transactions within the network.
Industry:Economy
A diagram introduced by Kindleberger (1973) showing the dramatic downward spiral of world trade during the first years, 1929-33, of the Great Depression. Its twelve axes radiate out from the origin and measure world trade by calendar month for each year.
Industry:Economy
