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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 ...
Mechanical equilibrium, the state in which the sum of the forces, and torque, on each particle of the system is zero; Radiative equilibrium, the state where the energy radiated is balanced by the energy absorbed; Secular equilibrium, a state of radioactive elements in which the production rate of a daughter nucleus is balanced by its own decay rate
In contrast to another equilibrium concept, Maskin and Tirole identify an empirical attribute of such price wars: in a Markov strategy price war, "a firm cuts its price not to punish its competitor, [rather only to] regain market share" whereas in a general repeated game framework a price cut may be a punishment to the other player. The authors ...
This glossary of biology terms is a list of definitions of fundamental terms and concepts used in biology, the study of life and of living organisms.It is intended as introductory material for novices; for more specific and technical definitions from sub-disciplines and related fields, see Glossary of cell biology, Glossary of genetics, Glossary of evolutionary biology, Glossary of ecology ...
Metabolic rift is a theory of ecological crisis tendencies under the capitalist mode of production that sociologist John Bellamy Foster ascribes to Karl Marx.Quoting Marx, Foster defines this as the "irreparable rift in the interdependent process of social metabolism".
Note that the two definitions are not precisely equivalent: for example, each pure strategy in the coordination game below is an ESS by the first definition but not the second. In words, this definition looks like this: The payoff of the first player when both players play strategy S is higher than (or equal to) the payoff of the first player ...
The payoff in economics is utility (or sometimes money), and in evolutionary biology is gene transmission; both are the fundamental bottom line of survival. Researchers who apply games theory in these fields claim that strategies failing to maximize these for whatever reason will be competed out of the market or environment, which are ascribed ...
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 ...