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The Gouy-Stodola theorem is often applied to refrigeration cycles. These are thermodynamic cycles or mechanical systems where external work can be used to move heat from low temperature sources to high temperature sinks, or vice versa. Specifically, the theorem is useful in analyzing vapor compression and vapor absorption refrigeration cycles.
Edgeworth took a step towards the first fundamental theorem in his 'Mathematical Psychics', looking at a pure exchange economy with no production. He included imperfect competition in his analysis. [7] His definition of equilibrium is almost the same as Pareto's later definition of optimality: it is a point such that...
Welfare economics is a field of economics that applies microeconomic techniques to evaluate the overall well-being (welfare) of a society. [ 1 ] The principles of welfare economics are often used to inform public economics , which focuses on the ways in which government intervention can improve social welfare .
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 earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
This TikToker went viral for her hack to get anyone to come up and flirt with you. It's called "sticky eyes," and experts say it actually works.
James Stuart (1767) authored the first book in English with 'political economy' in its title, explaining it just as: . Economy in general [is] the art of providing for all the wants of a family, so the science of political economy seeks to secure a certain fund of subsistence for all the inhabitants, to obviate every circumstance which may render it precarious; to provide everything necessary ...
Sonnenschein-Mantel-Debreu theorem (SMD theorem) is a theorem for exchange economy that can be expressed in the following way: for a function that is continuous, homogeneous of degree zero, and in accord with Walras's law,there is an economy with at least as many agents as goods such that, for prices bounded away from zero, the function is the ...