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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 ...
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 ...
It disregards word order (and thus most of syntax or grammar) but captures multiplicity. The bag-of-words model is commonly used in methods of document classification where, for example, the (frequency of) occurrence of each word is used as a feature for training a classifier. [1] It has also been used for computer vision. [2]
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The additional definition matrix shows the four common categories alongside providing some examples of fully excludable goods, Semi-excludable goods and fully non-excludeable goods. Semi-excludable goods can be considered goods or services that a mostly successful in excluding non-paying customer, but are still able to be consumed by non-paying ...
In economics and law, fungibility is the property of a good or a commodity whose individual units are essentially interchangeable. [1] [2] In legal terms, this affects how legal rights (such as ownership and the right to receive goods under a contract) apply to such items. Fungible things can be substituted for each other; for example, a $100 ...
A mathematical symbol is a figure or a combination of figures that is used to represent a mathematical object, an action on mathematical objects, a relation between mathematical objects, or for structuring the other symbols that occur in a formula.