AG EC 450 - Glossary

AG EC 450 - International Development, Renewable Resources, and the Environment

21 terms were found starting with the letter i.

Imperfect Competition: Occurs when the actions of at least one buyer or seller have an effect on the market price. The opposite of imperfect competition is perfect competition.
Imperfect Information: Occurs when at least one buyer does not know the true benefits associated with the consumption of a good or service, or when at least one seller does not know the true costs associated with the production of a good or service. The opposite of imperfect information is perfect information.
Import Quota: A limit on the maximum quantity of a good that may be imported into a particular country.
Income Elasticity of Demand: The percentage change in the consumption of some good or service in response to a 1% increase in the consumer's income.
Increasing Returns to Scale: A situation in which a 1% increase in all inputs into production leads to more than a 1% increase in output.
Increasing Returns to Size: A situation in which an increase in output leads to a decrease in the average total cost of production.
Induced Innovation: The development and adoption of technologies in response to changes in relative prices of factors of production. Refers specifically to the tendency to develop and adopt technologies that reduce the usage of factors that are becoming relatively more expensive and increase the usage of factors that are becoming relatively less expensive.
Inferior Good: A good whose income elasticity of demand is negative, so that an increase in income leads to a decrease in consumption of that good.
Informal Finance: Financial intermediaries such as relatives, friends and acquaintances, landlords, input suppliers, output buyers, rotating savings and credit associations, and moneylenders. In contrast to suppliers of formal finance, suppliers of informal finance tend to be small, are typically subject to little or no government regulation, and often rest on weak legal foundations or no legal foundations at all.
Infrastructure: The capital embodied in transportation (roads, railways, waterways, etc.), communications (telephones, radios, televisions, etc.), electricity, water supplies, sanitation, and financial institutions.
Input into Production: A resource (for example, capital, labor or land) used to produce a good or service. Same as factor of production.
In-Quota Tariff: For a country with a tariff rate quota (TRQ) system for a particular commodity, the tariff applied on imports within the quota. The tariff on imports over the quota is referred to as the over-quota tariff.
Integrated Pest Management (IPM): A package of alternatives to conventional pest control methods, which often involve frequent and extensive use of pesticides. The package consists of one or more of the following: (1) growing a healthy, genetically varied crop (cultural control); (2) use of pest-resistant crop varieties (host plant resistance); (3) use of natural enemies to crop pests (biological control); and (4) occasional use of pesticides as a last resort (chemical control).
Inter-American Development Bank (IADB, IDB): A regional development bank founded in 1959 to promote economic and social development in Latin America and the Caribbean through loans and technical assistance. Currently has 47 member countries.
Intergenerational Paradox: The conflict between the desire to be equitable to future generations in present-day decision making and the tendency for the discounted present value of future benefits and costs to be relatively small, even at a low rate of interest.
Internalization Advantage: A firm's interest in maintaining control of a product or production process as one of its own.
International Monetary Fund (IMF): An international organization of 185 member countries, established to promote international monetary cooperation, exchange stability, and orderly exchange arrangements; to foster economic growth and high levels of employment; and to provide temporary financial assistance to countries to help ease balance of payments adjustment. The IMF has often provided short-term loans and financial crisis management to developing countries in recent years.
International Poverty Line: An income of less than $1.08 per person per day in 1993 purchasing power parity (PPP) adjusted U.S. dollars. Purchasing power parity adjusts official exchange rates for cost-of-living differences among countries. In today's dollars, the international poverty line is about $1.53.
Intra-Industry Trade: A two-way exchange of goods between countries in which neither country seems to have a comparative cost advantage in the industry as a whole.
Investment: In the case of physical capital, expenditures on new machinery, equipment, or other capital goods. In the case of human capital, time, effort and money spent accumulating new knowledge, skills, abilities or capacities.
Invisible Hand: When households and firms acting in their own self-interest in competitive markets also tend to further the interests of society at large.