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IMPORT QUOTA: A limit on the importation of a particular good brought into one country from another country. An import quota, for example, would stipulate something like only X million pounds of swiss cheese can be imported into the United States from Switzerland each year. Such import quotas are a popular type of nontariff barrier imposed by countries throughout the world, competing with tariffs as the number one trade restriction. The general justification for import quotas is to protect domestic firms and industries from unfair competition by foreign companies. While this can be needed, import quotas are frequently used by oligopoly firms, with significant political influence to limit competition and maintain market control.

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Lesson 15: Aggregate Market | Unit 2: Equilibrium Page: 10 of 22

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  • How the equilibrium concept is applied to the aggregate market.
  • The three macroeconomic markets that are relevant to macroeconomic equilibrium--product, financial, and resource markets.
  • How long-run equilibrium exists when all three aggregated markets--product, financial, resource--are in equilibrium.
  • How short-run equilibrium results when the product and financial markets are in equilibrium, but the resource market is not.
  • The long-run equilibrium as a moving target that is always pursued, but seldom reached.

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COMPENSATING WAGE DIFFERENTIALS

Different wages paid to different workers or in different markets that adjust for differences in the jobs or in the productivity of the workers. Wage differentials occur for many reasons. Quite often they are the result of the personal preferences of workers. In some cases workers are willing to "buy" leisure-time or other types of household production by taking lower wages. Differences in job risks, education, and location are also reasons for the persistence of wage differentials.

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APLS

GREEN LOGIGUIN
[What's This?]

Today, you are likely to spend a great deal of time lost in your local discount super center wanting to buy either a large stuffed brown and white teddy bear or a replacement washer for your kitchen faucet. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?

The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
"Wherever you go, no matter what the weather, always bring your own sunshine."

-- Anthony J. D'Angelo

BJE
Bell Journal of Economics
A PEDestrian's Guide
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