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Inefficiency In Game Theory
Efficiency is the often measurable ability to avoid wasting materials, energy, efforts, money, and time in doing something or in producing a desired result. In a more general sense, it is the ability to do things well, successfully, and without waste. In more mathematical or scientific terms, it signifies the level of performance that uses the least amount of inputs to achieve the highest amount of output. It often specifically comprises the capability of a specific application of effort to produce a specific outcome with a minimum amount or quantity of waste, expense, or unnecessary effort. Efficiency refers to very different inputs and outputs in different fields and industries. In 2019, the European Commission said: "Resource efficiency means using the Earth's limited resources in a sustainable manner while minimising impacts on the environment. It allows us to create more with less and to deliver greater value with less input." Writer Deborah Stone notes that efficiency is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Material
Material is a substance or mixture of substances that constitutes an object. Materials can be pure or impure, living or non-living matter. Materials can be classified on the basis of their physical and chemical properties, or on their geological origin or biological function. Materials science is the study of materials, their properties and their applications. Raw materials can be processed in different ways to influence their properties, by purification, shaping or the introduction of other materials. New materials can be produced from raw materials by synthesis. In industry, materials are inputs to manufacturing processes to produce products or more complex materials. Historical elements Materials chart the history of humanity. The system of the three prehistoric ages (Stone Age, Bronze Age, Iron Age) were succeeded by historical ages: steel age in the 19th century, polymer age in the middle of the following century (plastic age) and silicon age in the second half of t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetary Policy
Monetary policy is the policy adopted by the monetary authority of a nation to control either the interest rate payable for very short-term borrowing (borrowing by banks from each other to meet their short-term needs) or the money supply, often as an attempt to reduce inflation or the interest rate, to ensure price stability and general trust of the value and stability of the nation's currency. Monetary policy is a modification of the supply of money, i.e. "printing" more money, or decreasing the money supply by changing interest rates or removing excess reserves. This is in contrast to fiscal policy, which relies on taxation, government spending, and government borrowing as methods for a government to manage business cycle phenomena such as recessions. Further purposes of a monetary policy are usually to contribute to the stability of gross domestic product, to achieve and maintain low unemployment, and to maintain predictable exchange rates with other currencies. Monetary ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Electrical Efficiency
The efficiency of a system in electronics and electrical engineering is defined as useful power output divided by the total electrical power consumed (a fractional expression), typically denoted by the Greek small letter eta (η – ήτα). : \mathrm=\frac If energy output and input are expressed in the same units, efficiency is a dimensionless number. Where it is not customary or convenient to represent input and output energy in the same units, efficiency-like quantities have units associated with them. For example, the heat rate of a fossil fuel power plant may be expressed in BTU per kilowatt-hour. Luminous efficacy of a light source expresses the amount of visible light for a certain amount of power transfer and has the units of lumens per watt. Efficiency of typical electrical devices ''Efficiency'' should not be confused with ''effectiveness'': a system that wastes most of its input power but produces exactly what it is meant to is effective but not efficient. Th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
