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A car is a durable good. The gasoline that powers it is a non-durable (or consumable) good. Examples of consumer durable goods include housing, vehicles, books, household goods (home appliances, consumer electronics, furniture, musical instruments, tools, etc.), sports equipment, jewelry, medical equipment, and toys.
Durability is the ability of a physical product to remain functional, without requiring excessive maintenance or repair, when faced with the challenges of normal operation over its design lifetime. [ 1 ] : 5 There are several measures of durability in use, including years of life, hours of use, and number of operational cycles. [ 2 ]
This topic is called reliability theory, reliability analysis or reliability engineering in engineering, duration analysis or duration modelling in economics, and event history analysis in sociology. Survival analysis attempts to answer certain questions, such as what is the proportion of a population which will survive past a certain time?
A scientific theory is an explanation of an aspect of the natural world that can be or that has been repeatedly tested and has corroborating evidence in accordance with the scientific method, using accepted protocols of observation, measurement, and evaluation of results.
Economic methodology has gone from periodic reflections of economists on method to a distinct research field in economics since the 1970s. In one direction, it has expanded to the boundaries of philosophy , including the relation of economics to the philosophy of science and the theory of knowledge . [ 18 ]
Evolutionary economics is a school of economic thought that is inspired by evolutionary biology.Although not defined by a strict set of principles and uniting various approaches, it treats economic development as a process rather than an equilibrium and emphasizes change (qualitative, organisational, and structural), innovation, complex interdependencies, self-evolving systems, and limited ...
An economic theory that defines wealth by the amount of precious metals owned. [48] business cycle. Also called the economic cycle or trade cycle. The downward and upward movement of gross domestic product (GDP) around its long-term growth trend. [49] The length of a business cycle is the period of time containing a single boom and contraction ...
It is also different from product economic life which refers to the point where maintaining a product is more expensive than replacing it; [2] from product technical life which refers to the maximum period during which a product has the physical capacity to function; [3] and from the functional life which is the time a product should last ...