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A free variable is a notation (symbol) that specifies places in an expression where substitution may take place and is not a parameter of this or any container expression. The idea is related to a placeholder (a symbol that will later be replaced by some value), or a wildcard character that stands for an unspecified symbol. In computer ...
Three primary variables are used in optimality models of behavior: decisions, currency, and constraints. [2] Decision involves evolutionary considerations of the costs and benefits of their actions. Currency is defined as the variable that is intended to be maximized (ex. food per unit of energy expenditure).
A free parameter is a variable in a mathematical model which cannot be predicted precisely or constrained by the model [1] and must be estimated [2] experimentally or theoretically. A mathematical model, theory, or conjecture is more likely to be right and less likely to be the product of wishful thinking if it relies on few free parameters and ...
In an economic model, an exogenous variable is one whose measure is determined outside the model and is imposed on the model, and an exogenous change is a change in an exogenous variable. [1]: p. 8 [2]: p. 202 [3]: p. 8 In contrast, an endogenous variable is a variable whose measure is determined by the model. An endogenous change is a change ...
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 formal parameter variable is said to bind the variable name wherever it occurs free in the body. Variable (names) that have already been matched to formal parameter variable are said to be bound. All other variables in the expression are called free. For example, in the following expression y is a bound variable and x is free: . . Also note ...
Economic events are considered as processes of creation, motion and distribution of value that is firstly measured as exchange value.The factor interpretation of the exchange value, accepted by Econodynamics, is based on the Smith-Marx's labour theory of value, according to which efforts of workers are the most essential production factor.
Major topics include measurement of economic performance, national income and price determination, fiscal and monetary policy, and international economics and growth. AP Macroeconomics is frequently taught in conjunction with (and, in some cases, in the same year as) AP Microeconomics as part of a comprehensive AP Economics curriculum, although ...