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People who buy contracts to sell the stocks/commodities in the future at a price agreed upon today, thus protecting themselves from price fluctuations.
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Imperfect Substitute (Commodity)
A commodity that consumers choose to consume in place of another preferred commodity when the price of the preferred commodity rises. However, the imperfect substitute does not satisfy a need or want to the full extent of the preferred commodity, so there is a less than one for one substitution.
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Import Parity Price (IPP)
The monetary value of a unit of product bought from a foreign country, valued at a geographic location of interest in the importing country.
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Incentive
Something that incites an action or provides a motive such as potential profits.
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Income Elasticity of Demand
The percentage change in the quantity of a good demanded given a one percent change in income.
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Index Reference Period
The period for which the value of the index is set at 100. This is the same as the base year.
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Industrial Organization
The field of economics that studies the behavior of firms, the structure of markets, their interactions and affect on the performance of markets.
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Inelastic
A commodity for which the percentage change in quantity supplied (demanded) is less than the percentage change in price.
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Inflation
An overall rise in the prices of good and services in an economy. There is an inverse relationship between the prices of goods and services and the value of money in an economy: other things being equal, as prices rise over time, a given amount of money will be able to purchase a fewer and fewer goods and services.
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Informal Market
Also Informal Trade
Small‐scale transactions of a few bags or less of a commodity, which are exchanged outside of official channels and are typically undocumented, unlicensed and unregistered. Informal cross border transactions are often carried across the border on bicycles or headloaded. While each transaction may be small, the total or aggregate volume and value of these transactions can be quite significant. This term is also often used to refer to illegal trade, although, these two types of trade are not necessarily equivalent. This has lead to some confusion in the literature. Therefore, it is important to define this term when it is used.
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Innovation
Also Progressiveness
The process of devising better ways of production, processing and marketing, usually through research and development that increases the value of goods and services and avoids wastage of productive resources.
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Inter-Spatial Transfer Costs
The monetary payment made as a marketing cost to transport a product from one geographic area to another for sale.
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Inter-Temporal Transfer Costs
The total monetary payment made paid as a marketing cost to store a product for sale at a later date.
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