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A measure of the average quantities of a group of goods relative to a base year. This is usually obtained by using a price index to convert nominal value (price times quantity) to real values, which are then compared to provide the quantity index.
Industry:Economy
1. Expressed in terms of the amounts of goods and services that something is worth at market prices. 2. Adjusted for inflation. 3. Referring only to real economic variables as opposed to nominal, or monetary ones, as in real models. 4. Used with "appreciation" or "depreciation," refers to the real exchange rate. Thus a real appreciation means that the nominal value of a country's currency has increased by more than its relative price level may have decreased, so that the prices of its goods relative to foreign goods have increased. 5. The name of one unit of the Brazilian currency. One real equals 100 centavos. Pronounced "ray-all'".
Industry:Economy
1. The nominal exchange rate adjusted for inflation. Unlike most other real variables, this adjustment requires accounting for price levels in two currencies. The real exchange rate is: ''R'' = ''EP*/P'' where ''E'' is the nominal domestic-currency price of foreign currency, ''P'' is the domestic price level, and ''P*'' is the foreign price level. 2. The real price of foreign goods; i. E. , the quantity of domestic goods needed to purchase a unit of foreign goods. Equals the reciprocal of the terms of trade. Equivalent to definition 1. 3. The relative price of traded goods in terms of nontraded goods.
Industry:Economy
A shorthand term for most of the theory of international trade, which consists largely of real models. Contrasts with international finance.
Industry:Economy
A significant decline in economic activity. In the U. S. , recession is approximately defined as two successive quarters of falling GDP, as judged by NBER. A recession in one country may be caused by, or may itself cause, recession in another country with which it trades.
Industry:Economy
Agreement between two countries to open their markets to each other's exports, usually by each reducing tariffs. Early trade rounds under the GATT consisted mostly of reciprocal trade agreements, extended to other contracting parties by the MFN requirement.
Industry:Economy
A policy that taxes some individuals and uses the proceeds to pay transfers to others.
Industry:Economy
1. Economic rent: The premium that the owner of a resource receives over and above its opportunity cost. 2. The payment to the owner of land or other property in return for its use.
Industry:Economy
A person whose income comes mainly from rent on land or, more broadly, from assets rather than labor. (Pronounced "Ron' Tee Yay". )
Industry:Economy
