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generalized least squares (C1)<br />An improved method of estimating relationships between economic variables. Each observation is weighted by the reciprocal of the STANDARD DEVIATION of the disturbance concerned before applying the LEAST SQUARES METHOD.
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trade for the automobile, steel and semiconductor industries especially to cope with Japanese imports.<br /><em>See also:</em> infant industry argument
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an economic activity does not have any spin-offs in terms of services and processing and so there is an absence of the dynamic effects of intersectoral growth.<br /> 2 A sub-economy of an advanced economy, e.g. in the USA, ethnic groups have formed distinct sub-economies with, for example, Cubans or Mexicans comprising both the owners and workers.
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