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a bucket, usually with a toothed edge, to dig into the earth; a "dipper" or "dipper stick" connecting the bucket to the boom; a "boom" mounted on the rotating platform, supporting the dipper and its control wires; a boiler; a water tank and coal bunker; steam engines and winches; operator's controls; a platform on which everything is mounted
A monopile foundation utilizes a single, generally large-diameter, foundation structural element to support all the loads (weight, wind, etc.) of a large above-surface structure. A large number of monopile foundations [ 1 ] have been utilized in recent years for economically constructing fixed-bottom offshore wind farms in shallow-water subsea ...
In economics the "visible hand" is generally considered to be the macro-fiscal policy of John Keynes that emerged in the 1930s as a remedy for the shortcomings of Adam Smith's "invisible hand" and advocated government intervention in the economy. [4] Actually, Smith already identified the disadvantages of the "invisible hand". [5]
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 ...
Chapter 10 introduces the famous 'multiplier' through an example: if the marginal propensity to consume is 90%, then 'the multiplier k is 10; and the total employment caused by (e.g.) increased public works will be ten times the employment caused by the public works themselves' (pp116f). Formally Keynes writes the multiplier as k=1/S'(Y).
Construction equipment being used to dig up rocky ground. Although humans are capable of digging in sand and soil using their bare hands, digging is often more easily accomplished with tools. The most basic tool for digging is the shovel. [1] In neolithic times and earlier, a large animal's scapula (shoulder blade) was often used as a crude ...
It is suggested that modern mainstream economics is based entirely on DSGE models. [10] [5] Therefore, the importance of microfoundations lies in its synonymous relationship with DSGE. [11] The Smets-Wouters model is one example of the importance of microfoundations as it is regarded as a benchmark model for analysing monetary and fiscal policy ...
The theory of the firm consists of a number of economic theories that explain and predict the nature of the firm, company, or corporation, including its existence, behaviour, structure, and relationship to the market. [1] Firms are key drivers in economics, providing goods and services in return for monetary payments and rewards.