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Economic Integration
Economic integration is the unification of economic policies between different states, through the partial or full abolition of tariff and Non-tariff barriers to trade, non-tariff restrictions on trade. The trade-stimulation effects intended by means of economic integration are part of the contemporary economic Theory of the Second Best: where, in theory, the best option is free trade, with free competition and no trade barriers whatsoever. Free trade is treated as an idealistic option, and although realized within certain developed states, economic integration has been thought of as the "second best" option for global trade where barriers to full free trade exist. Economic integration is meant in turn to lead to lower prices for distributors and consumers with the goal of increasing the level of welfare, while leading to an increase of economic productivity of the states. Objective There are economic as well as political reasons why nations pursue economic integration. The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tariff
A tariff or import tax is a duty (tax), duty imposed by a national Government, government, customs territory, or supranational union on imports of goods and is paid by the importer. Exceptionally, an export tax may be levied on exports of goods or raw materials and is paid by the exporter. Besides being a source of revenue, import duties can also be a form of regulation of International trade, foreign trade and policy that burden 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). Tariffs on imports are designed to raise the price of imported goods to discourage consumption. The intention is for citizens to buy local products instead, which, according to support ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marginal Cost
In economics, the marginal cost is the change in the total cost that arises when the quantity produced is increased, i.e. the cost of producing additional quantity. In some contexts, it refers to an increment of one unit of output, and in others it refers to the rate of change of total cost as output is increased by an infinitesimal amount. As Figure 1 shows, the marginal cost is measured in dollars per unit, whereas total cost is in dollars, and the marginal cost is the slope of the total cost, the rate at which it increases with output. Marginal cost is different from average cost, which is the total cost divided by the number of units produced. At each level of production and time period being considered, marginal cost includes all costs that vary with the level of production, whereas costs that do not vary with production are fixed. For example, the marginal cost of producing an automobile will include the costs of labor and parts needed for the additional automobile but not t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Integration Effects
Economic integration involves at least two countries to abolish customs tariffs on inner border between the states. This causes a number of effects, while the phenomenon itself has specific properties for its successful development. Reallocation of labor and capital Economic integration leads to Pareto-reallocation of the factors (labor and capital) which move towards their better exploitation. Labor moves to area of higher wages, while capital - to area with higher returns. It was foundRavshanbek Dalimov, The heat equation and the dynamics of labor and capital migration prior and after economic integration, African Journal of Marketing Management vol. 1 (1), pp. 023–031, April 2009/ that the pair of the value added of sectors and labor disperse within a region in the same way as heat or gas in a space. Domestic saving rates in the member states of economically integrated region strive to the one and same magnitude, described by the coherence policy of economic blocks. At the sa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Coal And Steel Community
The European Coal and Steel Community (ECSC) was a European organization created after World War II to integrate Europe's coal and steel industries into a single common market based on the principle of supranationalism which would be governed by the creation of a High Authority made up of appointed representatives from the member states who would not represent their national interest, but would take and make decisions in the general interests of the Community as a whole. It was formally established in 1951 by the Treaty of Paris, signed by Belgium, France, Italy, Luxembourg Luxembourg, officially the Grand Duchy of Luxembourg, is a landlocked country in Western Europe. It is bordered by Belgium to the west and north, Germany to the east, and France on the south. Its capital and most populous city, Luxembour ..., the Netherlands, and West Germany and was generally seen as the first step in the process of European integration following the end of the Second World W ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Economic Community
The European Economic Community (EEC) was a regional organisation created by the Treaty of Rome of 1957,Today the largely rewritten treaty continues in force as the ''Treaty on the functioning of the European Union'', as renamed by the Lisbon Treaty. aiming to foster economic integration among its member states. It was subsequently renamed the European Community (EC) upon becoming integrated into the Three pillars of the European Union, first pillar of the newly formed European Union (EU) in 1993. In the popular language, the singular ''European Community'' was sometimes inaccurately used in the wider sense of the plural ''European Communities'', in spite of the latter designation covering all the three constituent entities of the first pillar. The EEC was also known as the European Common Market (ECM) in the English-speaking countries, and sometimes referred to as the European Community even before it was officially renamed as such in 1993. In 2009, the EC formally ceased to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Imperial Preference
Imperial Preference was a system of mutual tariff reduction enacted throughout the British Empire and British Commonwealth following the Ottawa Conference of 1932. As Commonwealth Preference, the proposal was later revived in regard to the members of the Commonwealth of Nations. Joseph Chamberlain, the powerful colonial secretary from 1895 until 1903, argued vigorously that Britain could compete with its growing industrial rivals (chiefly the United States and Germany) and thus maintain Great Power status. The best way to do so would be to enhance internal trade inside the worldwide British Empire, with emphasis on the more developed countries — Australia, Canada, New Zealand and South Africa — that had attracted large numbers of British settlers. Pre-20th century In 1660, the practice of "Old Subsidy" gave certain imported colonial products a virtual monopoly in England, effectively starting a form of colonial preference for sugar. By 1840, this had been extended such th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Zollverein
The (), or German Customs Union, was a coalition of States of the German Confederation, German states formed to manage tariffs and economic policies within their territories. Organized by the 1833 treaties, it formally started on 1 January 1834. However, its foundations had been in development from 1818 with the creation of a variety of custom unions among the German states. By 1866, the included most of the German states. The Zollverein was not part of the German Confederation (1815-1866). The foundation of the was the first instance in history in which independent states consummated a full economic union without the simultaneous creation of a political federation or Political union, union. Kingdom of Prussia, Prussia was the primary driver behind the creation of the customs union. Austrian Empire, Austria was excluded from the because of its highly Protectionism, protectionist trade policy, the unwillingness to split its customs territory into the separate Austrian, Hu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Liechtenstein
Liechtenstein (, ; ; ), officially the Principality of Liechtenstein ( ), is a Landlocked country#Doubly landlocked, doubly landlocked Swiss Standard German, German-speaking microstate in the Central European Alps, between Austria in the east and north and Switzerland in the west and south. Liechtenstein is a semi-constitutional monarchy headed by the prince of Liechtenstein of the House of Liechtenstein, currently led by Hans-Adam II. It is List of European countries by area, Europe's fourth-smallest country, with an area of just over and a population of 40,023. It is the world's smallest country to border two countries, and is one of the few countries with no debt. Liechtenstein is divided into Municipalities of Liechtenstein, 11 municipalities. Its capital is Vaduz, and its largest municipality is Schaan. It is a member of the United Nations, the European Free Trade Association, and the Council of Europe. It is not a member state of the European Union, but it participates i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economies Of Scale
In microeconomics, economies of scale are the cost advantages that enterprises obtain due to their scale of operation, and are typically measured by the amount of Productivity, output produced per unit of cost (production cost). A decrease in unit cost, cost per unit of output enables an increase in scale that is, increased production with lowered cost. At the basis of economies of scale, there may be technical, statistical, organizational or related factors to the degree of Market (economics), market control. Economies of scale arise in a variety of organizational and business situations and at various levels, such as a production, plant or an entire enterprise. When average costs start falling as output increases, then economies of scale occur. Some economies of scale, such as capital cost of manufacturing facilities and friction loss of transportation and industrial equipment, have a physical or engineering basis. The economic concept dates back to Adam Smith and the idea o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Textile
Textile is an Hyponymy and hypernymy, umbrella term that includes various Fiber, fiber-based materials, including fibers, yarns, Staple (textiles)#Filament fiber, filaments, Thread (yarn), threads, and different types of #Fabric, fabric. At first, the word "textiles" only referred to woven fabrics. However, weaving is not the only manufacturing method, and many other methods were later developed to form textile structures based on their intended use. Knitting and Nonwoven, non-woven are other popular types of fabric manufacturing. In the contemporary world, textiles satisfy the material needs for versatile applications, from simple daily clothing to Bulletproof vest, bulletproof jackets, spacesuits, and Medical gown, doctor's gowns. Textiles are divided into two groups: consumer textiles for domestic purposes and technical textiles. In consumer textiles, Aesthetics (textile), aesthetics and Textile performance#Comfort, comfort are the most important factors, while in techn ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wine
Wine is an alcoholic drink made from Fermentation in winemaking, fermented fruit. Yeast in winemaking, Yeast consumes the sugar in the fruit and converts it to ethanol and carbon dioxide, releasing heat in the process. Wine is most often made from grapes, and the term "wine" generally refers to grape wine when used without any qualification. Even so, wine can be made fruit wine, from a variety of fruit crops, including plum, cherry, pomegranate, blueberry, Ribes, currant, and Sambucus, elderberry. Different varieties of grapes and Strain (biology), strains of yeasts are major factors in different styles of wine. These differences result from the complex interactions between the Biochemistry, biochemical development of the grape, the reactions involved in fermentation, the grape's growing environment (terroir), and the wine production process. Many countries enact legal appellations intended to define styles and qualities of wine. These typically restrict the geographical origin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
