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AD VALOREM TARIFF: A tax on imports that is specified as a percentage of the value of the good or service being taxed. This is one form of trade barrier that's intended to restrict imports into a country. Unlike nontariff barriers and quotas, which increase prices and thus revenue received by domestic producers, an 'ad valorem tariff' generates revenue for the government. For example: a 15 percent ad valorem tariff on a TV set worth $100 would pay a tariff of $15. One advantage of an ad valorem tariff is that it keeps up with changes in prices (mostly inflation).
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Lesson 11: Elasticity Basics | Unit 1: The Concept
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Page: 2 of 25
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- The elasticity definition goes something like this...
- Elasticity is the relative response of one variable to changes in another variable.
- The phrase "relative response" is best interpreted as "percentage change."
- In other words, elasticity is a measure of the percentage change in one variable relative to the percentage change in another variable.
- The two most important variables that we are concerned with are price and quantity.
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IMPERFECT COMPETITION Markets or industries with two or more sellers and buyers that fail to match the criteria of perfect competition. The most noted examples of imperfect competition are the two market structures with selling-side control--monopolistic competition and oligopoly. Lesser known market structures with buying-side control--monopsonistic competition and oligopsony--are also considered as imperfect competition. Facing no competition, monopoly and monopsony are not included. Most real world markets can be considered imperfect competition.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet seeking to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for small children selling products door-to-door.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
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"We must be willing to let go of the life we have planned, so as to have the life that is waiting for us. " -- E. M. Forster, writer
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GATS
General Agreement on Trade in Services
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