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Economists commonly use the term recession to mean either a period of two successive calendar quarters each having negative growth [clarification needed] of real gross domestic product [1] [2] [3] —that is, of the total amount of goods and services produced within a country—or that provided by the National Bureau of Economic Research (NBER): "...a significant decline in economic activity ...
In economics, elasticity measures the responsiveness of one economic variable to a change in another. [1] For example, if the price elasticity of the demand of a good is −2, then a 10% increase in price will cause the quantity demanded to fall by 20%.
Reversible adiabatic process: The state on the left can be reached from the state on the right as well as vice versa without exchanging heat with the environment. In some cases, it may be important to distinguish between reversible and quasistatic processes. Reversible processes are always quasistatic, but the converse is not always true. [2]
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 ...
[1] Physical changes occur when objects or substances undergo a change that does not change their chemical composition. This contrasts with the concept of chemical change in which the composition of a substance changes or one or more substances combine or break up to form new substances. In general a physical change is reversible using physical ...
A thermodynamic potential (or more accurately, a thermodynamic potential energy) [1] [2] is a scalar quantity used to represent the thermodynamic state of a system.Just as in mechanics, where potential energy is defined as capacity to do work, similarly different potentials have different meanings.
Thermoeconomics, also referred to as biophysical economics, is a school of heterodox economics that applies the laws of statistical mechanics to economic theory. [1] Thermoeconomics can be thought of as the statistical physics of economic value [ 2 ] and is a subfield of econophysics .
A branch of physics that studies atoms as isolated systems of electrons and an atomic nucleus. Compare nuclear physics. atomic structure atomic weight (A) The sum total of protons (or electrons) and neutrons within an atom. audio frequency A periodic vibration whose frequency is in the band audible to the average human, the human hearing range.