Computable general equilibrium
Computable general equilibriumRefers to economic models of microeconomic behavior in multiple markets of one or more economies, solved computationally for equilibrium values or changes due to specified policies. The equations are anchored with data from the countries being modeled, while behavioral parameters are either assumed or adapted from estimates elsewhere.
One cone equilibriumOne cone equilibrium
A free-trade equilibrium in the Heckscher-Ohlin Model in which prices are such that all goods can be produced within a single country, and there is only one diversification cone. This will arise if countries' factor endowments are sufficiently similar compared to factor intensities of industries. Contrasts with multi-cone equilibrium.
Equilibrium levelEquilibrium level
The value taken on by an economic variable in equilibrium, as opposed either to some other value, or to its rate of change.
Equilibrium positionEquilibrium position
Same as equilibrium level, though perhaps of several variables at once, perhaps as displayed in a graph.
1. A state of balance between offsetting forces for change, so that no change occurs. 2. In competitive markets, equality of supply and demand.
General equilibriumGeneral equilibrium
Equality of supply and demand in all markets of an economy simultaneously. The number of markets does not have to be large. The simplest Ricardian model has markets only for two goods and one factor, labor, but this is a general equilibrium model. Contrasts with partial equilibrium.
Further SuggestionsMulti-cone equilibrium
Equilibrium exchange rate
Balance of payments equilibrium
Equilibrium rate of interest
Two cone equilibrium