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Tariff-rate Quota
In economics, a tariff-rate quota (TRQ) (also called a tariff quota) is a two-tiered tariff system that combines import quotas and tariffs to regulate import products. A TRQ allows a lower tariff rate on imports of a given product within a specified quantity and requires a higher tariff rate on imports exceeding that quantity. For example, a country might allow the importation of 5,000 tractors at a tariff rate of 10%. However, any tractor imported above this quantity would be subject to a tariff rate of 30%. Unlike a simple quota system, a TRQ regime does not restrict the quantity of imported products. The “in-quota commitment” is complemented by an “out-of-quota commitment”. The out of quota commitment does not set any limit on the quantity or value of a imported product,, but instead applies a different, normally higher, tariff rate to that product. Imports face this higher duty rate once the in-quota quantity or value has been reached, or if any requirement associ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tariff
A tariff is a tax imposed by the government of a country or by a supranational union on imports or exports of goods. Besides being a source of revenue for the government, import duties can also be a form of regulation of foreign trade and policy that taxes foreign products to encourage or safeguard domestic industry. ''Protective tariffs'' are among the most widely used instruments of protectionism, along with import quotas and export quotas and other non-tariff barriers to trade. Tariffs can be fixed (a constant sum per unit of imported goods or a percentage of the price) or variable (the amount varies according to the price). Taxing imports means people are less likely to buy them as they become more expensive. The intention is that they buy local products instead, boosting their country's economy. Tariffs therefore provide an incentive to develop production and replace imports with domestic products. Tariffs are meant to reduce pressure from foreign competition and reduce th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Uruguay Round
The Uruguay Round was the 8th round of multilateral trade negotiations (MTN) conducted within the framework of the General Agreement on Tariffs and Trade (GATT), spanning from 1986 to 1993 and embracing 123 countries as "contracting parties". The Round led to the creation of the World Trade Organization, with GATT remaining as an integral part of the WTO agreements. The broad mandate of the Round had been to extend GATT trade rules to areas previously exempted as too difficult to liberalize (agriculture, textiles) and increasingly important new areas previously not included (trade in services, intellectual property, investment policy trade distortions). The Round came into effect in 1995 with deadlines ending in 2000 (2004 in the case of developing country contracting parties) under the administrative direction of the newly created World Trade Organization (WTO). The Doha Development Round was the next trade round, beginning in 2001 and still unresolved after missing its official ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commercial Policy
A commercial policy (also referred to as a trade policy or international trade policy) is a government's policy governing international trade. Commercial policy is an all encompassing term that is used to cover topics which involve international trade. Trade policy is often described in terms of a scale between the extremes of free trade (no restrictions on trade) on one side and protectionism (high restrictions to protect local producers) on the other. A common commercial policy can sometimes be agreed by treaty within a customs union, as with the European Union's common commercial policy and in Mercosur. A nation's commercial policy will include and take into account the policies adopted by that nation's government while negotiating international trade. There are several factors that can have an impact on a nation's commercial policy, all of which can have an impact on international trade policies. Theories on international trade policy Trade policy has been controversial sin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Agricultural Economics
Agricultural economics is an applied field of economics concerned with the application of economic theory in optimizing the production and distribution of food and fiber products. Agricultural economics began as a branch of economics that specifically dealt with land usage. It focused on maximizing the crop yield while maintaining a good soil ecosystem. Throughout the 20th century the discipline expanded and the current scope of the discipline is much broader. Agricultural economics today includes a variety of applied areas, having considerable overlap with conventional economics.Daniel A. Sumner, Julian M. Alson, and Joseph W. Glauber (2010). "Evolution of the Economics of Agricultural Policy", ''American Journal of Agricultural Economics'', v. 92, pp. 403-423. Agricultural economists have made substantial contributions to research in economics, econometrics, development economics, and environmental economics. Agricultural economics influences food policy, agricultural polic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Union
The European Union (EU) is a supranational political and economic union of member states that are located primarily in Europe. The union has a total area of and an estimated total population of about 447million. The EU has often been described as a '' sui generis'' political entity (without precedent or comparison) combining the characteristics of both a federation and a confederation. Containing 5.8per cent of the world population in 2020, the EU generated a nominal gross domestic product (GDP) of around trillion in 2021, constituting approximately 18per cent of global nominal GDP. Additionally, all EU states but Bulgaria have a very high Human Development Index according to the United Nations Development Programme. Its cornerstone, the Customs Union, paved the way to establishing an internal single market based on standardised legal framework and legislation that applies in all member states in those matters, and only those matters, where the states have agreed to act ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Trade Centre
The International Trade Centre (ITC) () is a multilateral agency which has a joint mandate with the World Trade Organization (WTO) and the United Nations (UN) through the United Nations Conference on Trade and Development (UNCTAD). The headquarters of the ITC are in Geneva, and the agency employs around 300 employees from over 80 different nationalities. History ITC is the successor to the International Trade Information Centre, which the General Agreement on Tariffs and Trade (GATT) established in 1964 to assist the exports of developing countries. An agreement was reached between the GATT and the newly established UNCTAD to create a joint subsidiary in 1967. The International Trade Centre (ITC) was established on 1 January 1968. The ITC has a joint mandate with the World Trade Organization (WTO) and the United Nations (UN) through the United Nations Conference on Trade and Development (UNCTAD). The ITC is the focal point for trade-related technical assistance. Programm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Auction
An auction is usually a process of buying and selling goods or services by offering them up for bids, taking bids, and then selling the item to the highest bidder or buying the item from the lowest bidder. Some exceptions to this definition exist and are described in the section about different types. The branch of economic theory dealing with auction types and participants' behavior in auctions is called auction theory. The open ascending price auction is arguably the most common form of auction and has been used throughout history. Participants bid openly against one another, with each subsequent bid being higher than the previous bid. An auctioneer may announce prices, while bidders submit bids vocally or electronically. Auctions are applied for trade in diverse contexts. These contexts include antiques, paintings, rare collectibles, expensive wines, commodities, livestock, radio spectrum, used cars, real estate, online advertising, vacation packages, emission trading, a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Queueing Theory
Queueing theory is the mathematical study of waiting lines, or queues. A queueing model is constructed so that queue lengths and waiting time can be predicted. Queueing theory is generally considered a branch of operations research because the results are often used when making business decisions about the resources needed to provide a service. Queueing theory has its origins in research by Agner Krarup Erlang when he created models to describe the system of Copenhagen Telephone Exchange company, a Danish company. The ideas have since seen applications including telecommunication, traffic engineering, computing and, particularly in industrial engineering, in the design of factories, shops, offices and hospitals, as well as in project management. Spelling The spelling "queueing" over "queuing" is typically encountered in the academic research field. In fact, one of the flagship journals of the field is ''Queueing Systems''. Single queueing nodes A queue, or queueing node ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economist
An economist is a professional and practitioner in the social sciences, social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this field there are many sub-fields, ranging from the broad philosophy, philosophical theory, theories to the focused study of minutiae within specific Market (economics), markets, macroeconomics, macroeconomic analysis, microeconomics, microeconomic analysis or financial statement analysis, involving analytical methods and tools such as econometrics, statistics, Computational economics, economics computational models, financial economics, mathematical finance and mathematical economics. Professions Economists work in many fields including academia, government and in the private sector, where they may also "study data and statistics in order to spot trends in economic activity, economic confidence levels, and consumer attitudes. They assess ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Demand Curve
In economics, a demand curve is a graph depicting the relationship between the price of a certain commodity (the ''y''-axis) and the quantity of that commodity that is demanded at that price (the ''x''-axis). Demand curves can be used either for the price-quantity relationship for an individual consumer (an individual demand curve), or for all consumers in a particular market (a market demand curve). It is generally assumed that demand curves slope down, as shown in the adjacent image. This is because of the law of demand: for most goods, the quantity demanded falls if the price rises. Certain unusual situations do not follow this law. These include Veblen goods, Giffen goods, and speculative bubbles where buyers are attracted to a commodity if its price rises. Demand curves are used to estimate behaviour in competitive markets and are often combined with supply curves to find the equilibrium price (the price at which sellers together are willing to sell the same amount as bu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Volume
Volume is a measure of occupied three-dimensional space. It is often quantified numerically using SI derived units (such as the cubic metre and litre) or by various imperial or US customary units (such as the gallon, quart, cubic inch). The definition of length (cubed) is interrelated with volume. The volume of a container is generally understood to be the capacity of the container; i.e., the amount of fluid (gas or liquid) that the container could hold, rather than the amount of space the container itself displaces. In ancient times, volume is measured using similar-shaped natural containers and later on, standardized containers. Some simple three-dimensional shapes can have its volume easily calculated using arithmetic formulas. Volumes of more complicated shapes can be calculated with integral calculus if a formula exists for the shape's boundary. Zero-, one- and two-dimensional objects have no volume; in fourth and higher dimensions, an analogous concept to the normal vo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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