Search results
Results from the WOW.Com Content Network
Voluntary exchange is the act of buyers and sellers freely and willingly engaging in market transactions. [ citation needed ] Voluntary exchange is a fundamental assumption in classical economics and neoclassical economics which forms the basis of contemporary mainstream economics . [ 1 ]
A voluntary export restraint (VER) or voluntary export restriction is a measure by which the government or an industry in the importing country arranges with the government or the competing industry in the exporting country for a restriction on the volume of the latter's exports of one or more products. [1]
In the 1970s, restrictions in oil production led to a dramatic rise in oil prices with long-lasting and far-reaching consequences for the global economy. Since the 1980s, OPEC has had a limited impact on world oil-supply and oil-price stability, as there is frequent cheating by members on their commitments to one another, and as member ...
According to the theory of comparative advantage, trade barriers are detrimental to the world economy and decrease overall economic efficiency. Most trade barriers work on the same principle: the imposition of some sort of cost (money, time, bureaucracy, quota) on trade that raises the price or availability of the traded products.
In economics, gains from trade are the net benefits to economic agents from being allowed an increase in voluntary trading with each other. In technical terms, they are the increase of consumer surplus [ 1 ] plus producer surplus [ 2 ] from lower tariffs [ 3 ] or otherwise liberalizing trade .
But the word "trade" is used in current Ethnography and economic literature with so many different implications that a whole lot of misleading, preconceived ideas have to be brushed aside in order to grasp the facts correctly. Thus the aprioric current notion of primitive trade would be that of an exchange of indispensable or useful articles ...
His 10% tariffs could cost a middle-income household $1,700 a year, according to the Peterson Institute for International Economics; a 20% universal tariff would cost that same middle-income ...
Regulatory economics is the application of law by government or regulatory agencies for various economics-related purposes, including remedying market failure, protecting the environment and economic management.