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A flow variable is measured over an interval of time. Therefore, a flow would be measured per unit of time (say a year). Flow is roughly analogous to rate or speed in this sense. For example, U.S. nominal gross domestic product refers to a total number of dollars spent over a time period, such as a year. Therefore, it is a flow variable, and ...
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 fluid dynamics, the entrance length is the distance a flow travels after entering a pipe before the flow becomes fully developed. [1] Entrance length refers to the length of the entry region, the area following the pipe entrance where effects originating from the interior wall of the pipe propagate into the flow as an expanding boundary layer.
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 ...
Basic diagram of the circular flow of income. The functioning of the free-market economic system is represented with firms and households and interaction back and forth. [2] The circular flow of income or circular flow is a model of the economy in which the major exchanges are represented as flows of money, goods and services, etc. between ...
Assume that the flow is steady, two-dimensional, and fully developed (i.e., the velocity profile does not change along the streamwise direction). [45] Note that this widely-used fully-developed assumption can be inadequate in some instances, such as some compressible, microchannel flows, in which case it can be supplanted by a locally fully ...
In engineering, the Moody chart or Moody diagram (also Stanton diagram) is a graph in non-dimensional form that relates the Darcy–Weisbach friction factor f D, Reynolds number Re, and surface roughness for fully developed flow in a circular pipe. It can be used to predict pressure drop or flow rate down such a pipe.
These models were first developed in the mid-20th century but have recently become popular, particularly within the post-Keynesian school of thought. [1] [2] Stock-flow consistent models are in contrast to dynamic stochastic general equilibrium models, which are used in mainstream economics.