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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 ...
Welfare economics is a branch of economics that uses microeconomic techniques to evaluate economic well-being, especially relative to competitive general equilibrium, with a focus on economic efficiency and income distribution. [13] In general usage, including by economists outside the above context, welfare refers to a form of transfer payment ...
Definition [1] [3] 1: General-purpose. Protects against dust, light, and indirect splashing but is not dust-tight; primarily prevents contact with live parts; used indoors and under normal atmospheric conditions. 2: Drip-tight. Similar to Type 1 but with addition of drip shields; used where condensation may be severe (as in cooling and laundry ...
The weather risk market makes it possible to manage the financial impact of weather through risk transfer instruments based on a defined weather element, such as temperature, rain, snow, wind, etc. Weather risk management is a way for organizations to limit their financial exposure to disruptive weather events.
The main types of extreme weather include heat waves, cold waves and heavy precipitation or storm events, such as tropical cyclones. The effects of extreme weather events are economic costs, loss of human lives, droughts, floods, landslides. Severe weather is a particular type of extreme weather which poses risks to life and property.
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
Also actiniform. Describing a collection of low-lying, radially structured clouds with distinct shapes (resembling leaves or wheels in satellite imagery), and typically organized in extensive mesoscale fields over marine environments. They are closely related to and sometimes considered a variant of stratocumulus clouds. actinometer A scientific instrument used to measure the heating power of ...
Weather derivatives are financial instruments that can be used by organizations or individuals as part of a risk management strategy to reduce risk associated with adverse or unexpected weather conditions. Weather derivatives are index-based instruments that usually use observed weather data at a weather station to create an index on which a ...