18 terms were found starting with the letter t.
- Tangency
- When one line in a diagram touches, but does not cross, another line. The point at which the two lines touch is the point of tangency.
- Tariff
- A tax imposed by a nation on an imported good or service that is not imposed on domestic production of that good or service.
- Tariff Rate Quota (TRQ)
- A method of limiting imports under which imports up to a certain point (the quota) face a lower (in-quota) tariff and imports over that point face a higher (over-quota) tariff.
- Tariffication
- The process of converting nontariff trade barriers to bound tariffs. This is done under the Uruguay Round agreement in order to improve the transparency of existing agricultural trade barriers and facilitate their proposed reduction.
- Technical Change
- The increased application of scientific knowledge in the form of new consumer goods and services, new inputs into production, new methods of producing goods and services, or new ways of operating and managing organizations.
- Technical Efficiency
- Getting the highest level of output possible from any given bundle of inputs, taking the production technology as a given. Occurs when a firm is operating on its production function rather than below it. The degree of technical efficiency is the extent to which a firm comes close to achieving the ideal of technical efficiency.
- Terms of Trade
- The prices at which a country can sell its exports relative to what it must pay for its imports. It is calculated by taking an index of export prices and dividing this by an index of import prices
- Third World
- Another name for the low-income countries and middle-income countries as a group, that is, countries with relatively low to middle levels of per capita income.
- Total Factor Productivity (TFP)
- The quantity of output divided by the amount of all inputs used in production. The amount of all inputs used in production can be calculated in a variety of ways. One common way is to take a geometric-weighted average of the quantities of each of the inputs, where the weight on each input is its share in the total cost of production.
- Total Fertility Rate (TFR)
- The total number of children that would be born alive to a woman entering her childbearing years (usually defined as age 15) if she lived to the end of her childbearing years (usually defined as age 49) and if her fertility during these years was the same as the average woman of childbearing age.
- Total Maximum Daily Load (TMDL)
- The maximum allowable amount of a pollutant that a water body can receive and still meet established water quality standards.
- Tragedy of the Commons
- Excessive use of an open access resource to the point where the resource is damaged or destroyed.
- Transaction Costs
- The costs in money and time incurred in the process of buyer-seller search, negotiation, and contract-enforcement activities.
- Transboundary Externality
- An externality in which an individual, household or firm in one country is affected by the actions of an individual, household or firm in another country.
- Transfer Efficiency
- A measure of the amount of benefit provided to some target group for every dollar of cost to others in the economy.
- Transfer Price
- The price charged on a transaction involving a corporation and its subsidiary or a transaction involving one unit of a corporation and another.
- Tropical Forest
- Any area located between the Tropics of Capricorn and Cancer in which at least 10 percent of the area is wooded. Six tropical forest ecosystem types are often defined: rain, most deciduous, hill and montane, dry deciduous, very dry, and desert.
- Turbidity
- The decreased clarity in a body of water due to the suspension of silt or sedimentary material.