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The magnitude of an intensive quantity does not depend on the size, or extent, of the object or system of which the quantity is a property, whereas magnitudes of an extensive quantity are additive for parts of an entity or subsystems. Thus, magnitude does depend on the extent of the entity or system in the case of extensive quantity.
An alteration of either supply or demand is shown by displacing the curve to either the left (a decrease in quantity demanded or supplied) or to the right (an increase in quantity demanded or supplied); this shift results in new equilibrium price and quantity. Economic graphs are presented only in the first quadrant of the Cartesian plane when ...
The measurable variables in economics are quantity, quality and distribution. Excluding variables from measurement makes it possible to better focus the measurement on a given variable, yet, this means a more narrow approach. The table was compiled to compare the basic types of measurement.
A supply is a good or service that producers are willing to provide. The law of supply determines the quantity of supply at a given price. [5]The law of supply and demand states that, for a given product, if the quantity demanded exceeds the quantity supplied, then the price increases, which decreases the demand (law of demand) and increases the supply (law of supply)—and vice versa—until ...
Economics, business, accounting, and related fields often distinguish between quantities that are stocks and those that are flows. These differ in their units of measurement. A stock is measured at one specific time, and represents a quantity existing at that point in time (say, December 31, 2004), which may have accumulated in the past.
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 ...
In monetary economics, the equation of exchange is the relation: = where, for a given period, is the total money supply in circulation on average in an economy. is the velocity of money, that is the average frequency with which a unit of money is spent.
3. Between two groups, may mean that the first one is a proper subgroup of the second one. > (greater-than sign) 1. Strict inequality between two numbers; means and is read as "greater than". 2. Commonly used for denoting any strict order. 3. Between two groups, may mean that the second one is a proper subgroup of the first one. ≤ 1.