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Economics portal. Marxism portal. v. t. e. The labor theory of value ( LTV) is a theory of value that argues that the exchange value of a good or service is determined by the total amount of "socially necessary labor" required to produce it. The contrasting system is typically known as the subjective theory of value .
The absolute value of a number may be thought of as its distance from zero. In mathematics, the absolute value or modulus of a real number , denoted , is the non-negative value of without regard to its sign. Namely, if is a positive number, and if is negative (in which case negating makes positive), and . For example, the absolute value of 3 is ...
Economic order quantity. Economic order quantity ( EOQ ), also known as financial purchase quantity or economic buying quantity, [citation needed] is the order quantity that minimizes the total holding costs and ordering costs in inventory management. It is one of the oldest classical production scheduling models.
Newsvendor model. The newsvendor (or newsboy or single-period[ 1] or salvageable) model is a mathematical model in operations management and applied economics used to determine optimal inventory levels. It is (typically) characterized by fixed prices and uncertain demand for a perishable product. If the inventory level is , each unit of demand ...
The standard absolute value on the integers. The standard absolute value on the complex numbers.; The p-adic absolute value on the rational numbers.; If R is the field of rational functions over a field F and () is a fixed irreducible polynomial over F, then the following defines an absolute value on R: for () in R define | | to be , where () = () and ((), ()) = = ((), ()).
In economics, the principle of absolute advantage is the ability of a party (an individual, or firm, or country) to produce a good or service more efficiently than its competitors. [ 1][ 2] The Scottish economist Adam Smith first described the principle of absolute advantage in the context of international trade in 1776, using labor as the only ...
In mathematical analysis, the maximum and minimum[ a] of a function are, respectively, the largest and smallest value taken by the function. Known generically as extremum, [ b] they may be defined either within a given range (the local or relative extrema) or on the entire domain (the global or absolute extrema) of a function. [ 1][ 2][ 3 ...
Charles' law (also known as the law of volumes) is an experimental gas law that describes how gases tend to expand when heated. A modern statement of Charles' law is: When the pressure on a sample of a dry gas is held constant, the Kelvin temperature and the volume will be in direct proportion. [ 1]