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  2. Economics terminology that differs from common usage

    en.wikipedia.org/wiki/Economics_terminology_that...

    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 ...

  3. Chain reaction - Wikipedia

    en.wikipedia.org/wiki/Chain_reaction

    In nuclear physics, a single stray neutron can result in a prompt critical event, which may finally be energetic enough for a nuclear reactor meltdown or (in a bomb) a nuclear explosion. Another metaphor for a chain reaction is the domino effect , named after the act of domino toppling , where the simple action of toppling one domino leads to ...

  4. Entropy - Wikipedia

    en.wikipedia.org/wiki/Entropy

    The entropy change of a system excluding its surroundings can be well-defined as a small portion of heat transferred to the system during reversible process divided by the temperature of the system during this heat transfer: = The reversible process is quasistatic (i.e., it occurs without any dissipation, deviating only infinitesimally from the ...

  5. Glossary of economics - Wikipedia

    en.wikipedia.org/wiki/Glossary_of_economics

    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 ...

  6. Reversible process (thermodynamics) - Wikipedia

    en.wikipedia.org/wiki/Reversible_process...

    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]

  7. Dynamic equilibrium - Wikipedia

    en.wikipedia.org/wiki/Dynamic_equilibrium

    Reactants and products are formed at such a rate that the concentration of neither changes. It is a particular example of a system in a steady state. In physics, concerning thermodynamics, a closed system is in thermodynamic equilibrium when reactions occur at such rates that the composition of the mixture does not change with time. Reactions ...

  8. Second law of thermodynamics - Wikipedia

    en.wikipedia.org/wiki/Second_law_of_thermodynamics

    This is possible provided the total entropy change of the system plus the surroundings is positive as required by the second law: ΔS tot = ΔS + ΔS R > 0. For the three examples given above: 1) Heat can be transferred from a region of lower temperature to a higher temperature in a refrigerator or in a heat pump. These machines must provide ...

  9. Glossary of physics - Wikipedia

    en.wikipedia.org/wiki/Glossary_of_physics

    The SI unit of angular velocity is expressed as radians/sec with the radian having a dimensionless value of unity, thus the SI units of angular velocity are listed as 1/sec. Angular velocity is usually represented by the Greek letter omega (ω, sometimes Ω). By convention, positive angular velocity indicates counter-clockwise rotation, while ...