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In economics, a free good is a good that is not scarce, and therefore is available without limit. [1] [2] [3] A free good is available in as great a quantity as desired with zero opportunity cost to society. A good that is made available at zero price is not necessarily a free good.
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 ...
The free monoid on a set X, is the monoid of all finite strings using X as alphabet, with operation concatenation of strings. The identity is the empty string. In essence, the free monoid is simply the set of all words, with no equivalence relations imposed. This example is developed further in the article on the Kleene star.
The free group F S with free generating set S can be constructed as follows. S is a set of symbols, and we suppose for every s in S there is a corresponding "inverse" symbol, s −1, in a set S −1. Let T = S ∪ S −1, and define a word in S to be any written product of elements of T. That is, a word in S is an element of the monoid ...
Economics focuses on the study of economic goods, i.e. goods that are scarce; in other words, producing the good requires expending effort or resources. Economic goods contrast with free goods such as air, for which there is an unlimited supply.
In applied fields the word "tight" is often used with the same meaning. [2] smooth Smoothness is a concept which mathematics has endowed with many meanings, from simple differentiability to infinite differentiability to analyticity, and still others which are more complicated. Each such usage attempts to invoke the physically intuitive notion ...
In mathematics, a characterization of an object is a set of conditions that, while possibly different from the definition of the object, is logically equivalent to it. [1] To say that "Property P characterizes object X" is to say that not only does X have property P, but that X is the only thing that has property P (i.e., P is a defining ...
Also confidence coefficient. A number indicating the probability that the confidence interval (range) captures the true population mean. For example, a confidence interval with a 95% confidence level has a 95% chance of capturing the population mean. Technically, this means that, if the experiment were repeated many times, 95% of the CIs computed at this level would contain the true population ...