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Equilibrium position |
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Equilibrium positionSame as equilibrium level, though perhaps of several variables at once, perhaps as displayed in a graph.Similar MatchesBalance of payments equilibriumBalance of payments equilibriumMeaningful only under a pegged exchange rate, this referred to equality of credits and debits in the balance of payments using the traditional definition of the capital account. A surplus or deficit implied changing official reserves, so that something would ultimately have to change. Equilibrium exchange rateEquilibrium exchange rateExchange rate at which demand for a currency is equal to the supply of the currency in the economy. General equilibriumGeneral equilibriumEquality 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. Two cone equilibriumTwo cone equilibriumA free-trade equilibrium in the Heckscher-Ohlin Model in which prices are such that all goods cannot be produced within a single country, and instead there are two diversification cones. This, or a multi-cone equilibrium, will arise if countries' factor endowments are sufficiently dissimilar compared to factor intensities of industries. Contrasts with one cone equilibrium. EquilibriumEquilibrium1. A state of balance between offsetting forces for change, so that no change occurs. 2. In competitive markets, equality of supply and demand. Further SuggestionsMulti-cone equilibriumOne cone equilibrium Market equilibrium Computable general equilibrium Nash equilibrium Equilibrium price Disequilibrium Equilibrium rate of interest Partial equilibrium Equilibrium Equilibrium level |
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