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17 terms

Imperfect substitute

Also, Imperfect 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.

Import parity price

Also, 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.

Incentive

Something that incites an action or provides a motive such as potential profits.

Income elasticity of demand

The percentage change in the quantity of a good demanded given a one percent change in income.

Index reference period

The period for which the value of the index is set at 100. This is the same as the base year.

Indian Ocean Dipole

Also, IOD

An irregular oscillation of sea surface temperatures and related atmospheric circulation in the Indian Ocean.

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.

Inelastic

A commodity for which the percentage change in quantity supplied (demanded) is less than the percentage change in price.

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.

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.

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.

Integrated Food Security Phase Classification (IPC)

Also, IPC Scale

An approach to consolidate wide-ranging evidence to classify the severity and magnitude and to identify the key drivers of food insecurity and malnutrition. The IPC process builds evidence-based technical consensus among key stakeholders and uses a standardized five point scale to communicate the nature and severity of a crisis.

Inter-annual assistance

Assistance that has a relatively long timeframe (generally two to five years) and is provided to beneficiaries on a regular basis. Safety net programs are a common form of inter-annual assistance. These programs focus on aspects of chronic food insecurity, reliance, or poverty reduction and the development of livelihoods over a longer timeframe.

Inter-spatial transfer costs

The monetary payment made as a marketing cost to transport a product from one geographic area to another for sale.

Inter-temporal transfer costs

The total monetary payment made is paid as a marketing cost to store a product for sale at a later date.

Inter-tropical convergence zone (ITCZ)

The point at which air from both hemispheres comes together. When air comes together at the ITCZ, it is forced to rise, which results in clouds and precipitation. The ITCZ moves north and south with the seasons and is the primary cause of weather/climate and rainfall over the tropics.

Inter-tropical front (ITF)

The leading edge of the ITCZ. The rainfall associated with the ITCZ is always equator-ward of the ITF.

Internally displaced person (IDP)

A person or groups of persons who have been forced or obliged to flee or to leave their homes or places of habitual residence, in particular as a result of or in order to avoid the effects of armed conflict, situations of generalized violence, violations of human rights or natural or human-made disasters, and who have not crossed an internationally recognized State border.