Search results
Results from the WOW.Com Content Network
Reversible adiabatic process: The state on the left can be reached from the state on the right as well as vice versa without exchanging heat with the environment. In some cases, it may be important to distinguish between reversible and quasistatic processes. Reversible processes are always quasistatic, but the converse is not always true. [2]
Economists commonly use the term recession to mean either a period of two successive calendar quarters each having negative growth [clarification needed] of real gross domestic product [1] [2] [3] —that is, of the total amount of goods and services produced within a country—or that provided by the National Bureau of Economic Research (NBER): "...a significant decline in economic activity ...
Thermoeconomics, also referred to as biophysical economics, is a school of heterodox economics that applies the laws of statistical mechanics to economic theory. [1] Thermoeconomics can be thought of as the statistical physics of economic value [ 2 ] and is a subfield of econophysics .
In economics, elasticity measures the responsiveness of one economic variable to a change in another. [1] For example, if the price elasticity of the demand of a good is −2, then a 10% increase in price will cause the quantity demanded to fall by 20%.
The entropy change of a system excluding its surroundings can be well-defined as a small portion of heat transferred to the system during reversible process divided by the temperature of the system during this heat transfer: = The reversible process is quasistatic (i.e., it occurs without any dissipation, deviating only infinitesimally from the ...
[1] Physical changes occur when objects or substances undergo a change that does not change their chemical composition. This contrasts with the concept of chemical change in which the composition of a substance changes or one or more substances combine or break up to form new substances. In general a physical change is reversible using physical ...
The elasticity of substitution is the change in the ratio of the use of two goods with respect to the ratio of their marginal values or prices. The most common application is to the ratio of capital (K) and labor (L) used with respect to the ratio of their marginal products M P K {\displaystyle MP_{K}} and M P L {\displaystyle MP_{L}} or of the ...
Basic tools of econophysics are probabilistic and statistical methods often taken from statistical physics.. Physics models that have been applied in economics include the kinetic theory of gas (called the kinetic exchange models of markets [7]), percolation models, chaotic models developed to study cardiac arrest, and models with self-organizing criticality as well as other models developed ...