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A simple variometer can be constructed by adding a large reservoir (a vacuum flask) to augment the storage capacity of a common aircraft rate-of-climb instrument. In its simplest electronic form, the instrument consists of an air bottle connected to the external atmosphere through a sensitive air flow meter.
In common usage, as in accounting usage, cost typically does not refer to implicit costs and instead only refers to direct monetary costs. The economics term profit relies on the economic meaning of the term for cost. While in common usage, profit refers to earnings minus accounting cost, economists mean earnings minus economic cost or ...
MacCready speed to fly ring for a variometer. The outer ring show various airspeeds, while the variometer shows climb rate. The index arrow, white triangle, on the ring is placed against the expected rate of climb at the next thermal. The variometer needle will then point to the optimum airspeed, listed on the ring, to be flown to that thermal.
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
More precisely, it is "the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference." [2] An introductory economics textbook describes econometrics as allowing economists "to sift through mountains of data to extract simple relationships."
The measurable variables in economics are quantity, quality and distribution. Measuring quantity in economics follows the rules of measuring in physics. Quality as a variable refers to qualitative changes in the production process. Qualitative changes take place when relative of different constant-price input and output factors alter.
In econometrics, as in statistics in general, it is presupposed that the quantities being analyzed can be treated as random variables.An econometric model then is a set of joint probability distributions to which the true joint probability distribution of the variables under study is supposed to belong.
The economic value of a good or service has puzzled economists since the beginning of the discipline. First, economists tried to estimate the value of a good to an individual alone, and extend that definition to goods that can be exchanged. From this analysis came the concepts value in use and value in exchange.