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In economics, a durable good or a hard good or consumer durable is a good that does not quickly wear out or, more specifically, one that yields utility over time rather than being completely consumed in one use. Items like bricks could be considered perfectly
Durability is the ability of a physical product to remain functional, without requiring excessive maintenance or repair, when faced with the challenges of normal operation over its design lifetime. [ 1 ] : 5 There are several measures of durability in use, including years of life, hours of use, and number of operational cycles. [ 2 ]
Contrived durability is a strategy of shortening the product lifetime before it is released onto the market, by designing it to deteriorate quickly. [4] The design of all personal-use products includes an expected average lifetime permeating all stages of development.
Durability measures the length of a product’s life. When the product can be repaired, estimating durability is more complicated. As well The item will be used until it is no longer economical to operate it. This happens when the repair rate and the associated costs increase significantly.
In microeconomics, economic efficiency, depending on the context, is usually one of the following two related concepts: [1] Allocative or Pareto efficiency : any changes made to assist one person would harm another.
Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. [ 9 ] Robbins describes the definition as not classificatory in "pick[ing] out certain kinds of behaviour" but rather analytical in "focus[ing] attention on a particular aspect of behaviour, the form imposed by the ...
In economics, a common-pool resource (CPR) is a type of good consisting of a natural or human-made resource system (e.g. an irrigation system or fishing grounds), whose size or characteristics makes it costly, but not impossible, to exclude potential beneficiaries from obtaining benefits from its use.
Bioeconomics (fisheries), the study of the dynamics of living resources using economic models; Bioeconomics (biophysical), the study of economic systems applying the laws of thermodynamics; Biological economics, the study of the relationship between human biology and economics; Bioeconomics, the social theory of Nicholas Georgescu-Roegen