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Basic tools of econophysics are probabilistic and statistical methods often taken from statistical physics.. Physics models that have been applied in economics include the kinetic theory of gas (called the kinetic exchange models of markets [7]), percolation models, chaotic models developed to study cardiac arrest, and models with self-organizing criticality as well as other models developed ...
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]
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 ...
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%.
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.
In a chemical reaction, chemical equilibrium is the state in which both the reactants and products are present in concentrations which have no further tendency to change with time, so that there is no observable change in the properties of the system. [1] This state results when the forward reaction proceeds at the same rate as the reverse ...
For a reversible process, heat is the product of the absolute temperature and the change in entropy of a body (entropy is a measure of disorder in a system). The difference between the change in internal energy, which is Δ U {\displaystyle \Delta U} , and the energy lost in the form of heat is what is called the "useful energy" of the body, or ...
Path dependence is a concept in the social sciences, referring to processes where past events or decisions constrain later events or decisions. [1] [2] It can be used to refer to outcomes at a single point in time or to long-run equilibria of a process. [3]