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AD VALOREM TARIFF: A tax on imports that is specified as a percentage of the value of the good or service being taxed. This is one form of trade barrier that's intended to restrict imports into a country. Unlike nontariff barriers and quotas, which increase prices and thus revenue received by domestic producers, an 'ad valorem tariff' generates revenue for the government. For example: a 15 percent ad valorem tariff on a TV set worth $100 would pay a tariff of $15. One advantage of an ad valorem tariff is that it keeps up with changes in prices (mostly inflation).
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FACTOR SUPPLY CURVE A graphical representation of the relation between the price to a factor of production and quantity of the factor supplied, holding all ceteris paribus factor supply determinants constant. The factor supply curve is one half of the factor market. The other half is the factor demand curve.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites hoping to buy either a 50-foot blue garden hose or a turbo-powered vacuum cleaner. Be on the lookout for jovial bank tellers.
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This isn't me! What am I?
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"In war, there is no second prize for the runner-up." -- Omar Bradley, US Army general
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AACCLA
Association of American Chambers of Commerce in Latin America
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