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Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
The everyday usage of the word unemployed is usually broad enough to include disguised unemployment, and may include people with no intention of finding a job. For example, a dictionary definition is: "not engaged in a gainful occupation", [7] which is broader than the economic definition.
This is in part due to the difficulty of measuring the financial damage in areas that lack insurance. For example, the 2004 Indian Ocean earthquake and tsunami, with a death toll of around 230,000 people, cost a 'mere' $15 billion, [1] whereas in the Deepwater Horizon oil spill, in which 11 people died, the damage was six times higher.
A natural disaster can cause loss of life or damage property. It typically causes economic damage. How bad the damage is depends on how well people are prepared for disasters and how strong the buildings, roads, and other structures are. [20] Scholars have been saying that the term natural disaster is unsuitable and should be abandoned. [21]
Non-economic losses and damage contain loss of family members and disappearance of cultures. [12] The main difference between the two is that non-economic losses involve things that are not commonly traded in markets. [3] Climate reparations are loss and damage payments which are based on the concept of reparations.
A black swan (Cygnus atratus) in AustraliaThe black swan theory or theory of black swan events is a metaphor that describes an event that comes as a surprise, has a major effect, and is often inappropriately rationalized after the fact with the benefit of hindsight.
Damage "does not necessarily imply total loss of system functionality, but rather that the system is no longer operating in its optimal manner". [1] Damage to physical objects is "the progressive physical process by which they break", [2]: 1. and includes mechanical stress that weakens a structure, even if this is not visible. [2]: ix.
A thesaurus (pl.: thesauri or thesauruses), sometimes called a synonym dictionary or dictionary of synonyms, is a reference work which arranges words by their meanings (or in simpler terms, a book where one can find different words with similar meanings to other words), [1] [2] sometimes as a hierarchy of broader and narrower terms, sometimes simply as lists of synonyms and antonyms.