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Durable Goods
In economics, a durable good or a hard good or consumer durable is a good that does not quickly wear out or, more specifically, one that yields utility over time rather than being completely consumed in one use. Items like bricks could be considered perfectly durable goods because they should theoretically never wear out. Highly durable goods such as refrigerators or cars usually continue to be useful for several years of use, so durable goods are typically characterized by long periods between successive purchases. Durable goods are known to form an imperative part of economic production. This can be exemplified from the fact that personal expenditures on durables exceeded the total value of $800 billion in 2000. In the year 2000 itself, durable goods production composed of approximately 60 percent of aggregate production within the manufacturing sector in the United States. Examples of consumer durable goods include bicycles, books, household goods ( home appliances, con ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Omega Av
Omega (; capital: Ω, lowercase: ω; Ancient Greek ὦ, later ὦ μέγα, Modern Greek ωμέγα) is the twenty-fourth and final letter in the Greek alphabet. In the Greek numeric system/ isopsephy (gematria), it has a value of 800. The word literally means "great O" (''ō mega'', mega meaning "great"), as opposed to omicron, which means "little O" (''o mikron'', micron meaning "little"). In phonetic terms, the Ancient Greek Ω represented a long open-mid back rounded vowel , comparable to the "aw" of the English word ''raw'' in dialects without the cot–caught merger, in contrast to omicron which represented the close-mid back rounded vowel , and the digraph ''ου'' which represented the long close-mid back rounded vowel . In Modern Greek, both omega and omicron represent the mid back rounded vowel or . The letter omega is transliterated into a Latin-script alphabet as ''ō'' or simply ''o''. As the final letter in the Greek alphabet, omega is often us ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Medical Equipment
A medical device is any device intended to be used for medical purposes. Significant potential for hazards are inherent when using a device for medical purposes and thus medical devices must be proved safe and effective with reasonable assurance before regulating governments allow marketing of the device in their country. As a general rule, as the associated risk of the device increases the amount of testing required to establish safety and efficacy also increases. Further, as associated risk increases the potential benefit to the patient must also increase. Discovery of what would be considered a medical device by modern standards dates as far back as c. 7000 BC in Baluchistan where Neolithic dentists used flint-tipped drills and bowstrings. Study of archeology and Roman medical literature also indicate that many types of medical devices were in widespread use during the time of ancient Rome. In the United States it wasn't until the Federal Food, Drug, and Cosmetic Act ( ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Putty-putty
In economics, putty-putty describes an attribute of capital in financial models. Putty-putty capital can be transformed from flexible capital into durable goods In economics, a durable good or a hard good or consumer durable is a good that does not quickly wear out or, more specifically, one that yields utility over time rather than being completely consumed in one use. Items like bricks could be consid ... then back again. This contrasts with putty-clay capital which can be converted from flexible capital into durable goods but which cannot then be converted back into re-investable capital. External links Models of Energy Use: Putty-Putty Versus Putty-Clay References [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Planned Obsolescence
In economics and industrial design, planned obsolescence (also called built-in obsolescence or premature obsolescence) is a policy of planning or designing a product with an artificially limited useful life or a purposely frail design, so that it becomes obsolete after a certain pre-determined period of time upon which it decrementally functions or suddenly ceases to function, or might be perceived as unfashionable. The rationale behind this strategy is to generate long-term sales volume by reducing the time between repeat purchases (referred to as "shortening the replacement cycle"). It is the deliberate shortening of a lifespan of a product to force people to purchase functional replacements. Planned obsolescence tends to work best when a producer has at least an oligopoly. Before introducing a planned obsolescence, the producer has to know that the customer is at least somewhat likely to buy a replacement from them (see brand loyalty). In these cases of planned obsolescenc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pacman Conjecture
{{refimprove, date=May 2008 The Pacman conjecture holds that durable-goods monopolists have complete market power and so can exercise perfect price discrimination, thus extracting the total surplus.Coase versus Pacman: Who Eats Whom in the Durable Goods Monopoly? Author(s): Nils-Henrik Morch von der Fehr and Kai-Uwe Kuhn Source: The Journal of Political Economy, Vol. 103, No. 4, (Aug., 1995), pp. 785–812 Published by: The University of Chicago Press This is in contrast to the Coase conjecture which holds that a durable goods monopolist has ''no'' market power, and so price is equal to the competitive market price. In a December 1989 journal article Bagnoli, M., Salant, S.W., & Swierzbinski, J.E. "Durable-Goods Monopoly with Discrete Demand". ''The Journal of Political Economy'', 97.6 (December 1989), pp. 1459–1478.JSTOR Mark Bagnoli, Stephen W. Salant, and Joseph E. Swierzbinski theorized that if each consumer could be relied upon to buy a good as soon as its price dipped bel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Industrial Organization
In economics, industrial organization is a field that builds on the theory of the firm by examining the structure of (and, therefore, the boundaries between) firms and markets. Industrial organization adds real-world complications to the perfectly competitive model, complications such as transaction costs, limited information, and barriers to entry of new firms that may be associated with imperfect competition. It analyzes determinants of firm and market organization and behavior on a continuum between competition and monopoly, including from government actions. There are different approaches to the subject. One approach is descriptive in providing an overview of industrial organization, such as measures of competition and the size-concentration of firms in an industry. A second approach uses microeconomic models to explain internal firm organization and market strategy, which includes internal research and development along with issues of internal reorganization and renewal. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Disposable Product
A disposable (also called disposable product) is a product designed for a single use after which it is recycled or is disposed as solid waste. The term is also sometimes used for products that may last several months (e.g. disposable air filters) to distinguish from similar products that last indefinitely (e.g. washable air filters). The word "disposables" is not to be confused with the word "consumables", which is widely used in the mechanical world. For example, welders consider welding rods, tips, nozzles, gas, etc. to be "consumables", as they last only a certain amount of time before needing to be replaced. Consumables are needed for a process to take place, such as inks for printing and welding rods for welding, while disposable products are products that can be thrown away after it becomes damaged or otherwise unuseful. Etymology "Disposable" is an ''adjective'' meaning something not reusable but is disposed of after use. Many people now use the term as a noun or substant ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Coase Conjecture
The Coase conjecture, developed first by Ronald Coase, is an argument in monopoly theory. The conjecture sets up a situation in which a monopolist sells a durable good to a market where resale is impossible and faces consumers who have different valuations. The conjecture proposes that a monopolist that does not know individuals' valuations will have to sell its product at a low price if the monopolist tries to separate consumers by offering different prices in different periods. This is because the monopoly is, in effect, in price competition with itself over several periods and the consumer with the highest valuation, if he is patient enough, can simply wait for the lowest price. Thus the monopolist will have to offer a competitive price in the first period which will be low. The conjecture holds only when there is an infinite time horizon, as otherwise a possible action for the monopolist would be to announce a very high price until the second to last period, and then sell at ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sustainable Consumption
Sustainable consumption (sometimes abbreviated to "SC") is the use of products and services in ways that minimize impacts on the environment in order for human needs to be met in the present but also for future generations. Sustainable consumption is often paralleled with sustainable production; consumption refers to use and disposal (or recycling) not just by individuals and households, but also by governments, businesses, and other organizations. Sustainable consumption is closely related to sustainable products, sustainable production and sustainable living, sustainable lifestyles. "A sustainable lifestyle minimizes Ecology, ecological impacts while enabling a flourishing life for individuals, households, communities, and beyond. It is the product of individual and collective decisions about aspirations and about satisfying needs and adopting practices, which are in turn conditioned, facilitated, and constrained by societal norms, political institutions, public policies, Infrastr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Durability
Durability is the ability of a physical product to remain functional, without requiring excessive maintenance or repair, when faced with the challenges of normal operation over its design lifetime. There are several measures of durability in use, including years of life, hours of use, and number of operational cycles. In economics, goods with a long usable life are referred to as durable goods. Requirements for product durability Product durability is predicated by good repairability and regenerability in conjunction with maintenance. Every durable product must be capable of adapting to technical, technological and design developments. This must be accompanied by a willingness on the part of consumers to forgo having the "very latest" version of a product. In the United Kingdom, durability as a characteristic relating to the quality of goods that can be demanded by consumers was not clearly established until an amendment of the Sale of Goods Act 1979 relating to the q ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cosmetics
Cosmetics are constituted mixtures of chemical compounds derived from either natural sources, or synthetically created ones. Cosmetics have various purposes. Those designed for personal care and skin care can be used to cleanse or protect the body or skin. Cosmetics designed to enhance or alter one's appearance (makeup) can be used to conceal blemishes, enhance one's natural features (such as the eyebrows and eyelashes), add color to a person's face, or change the appearance of the face entirely to resemble a different person, creature or object. Cosmetics can also be designed to add fragrance to the body. Definition and etymology The word ''cosmetics'' derives from the Greek (), meaning "technique of dress and ornament", from (), "skilled in ordering or arranging" and that from (), meaning "order" and "ornament". Cosmetics are constituted from a mixture of chemical compounds derived from either natural sources, or synthetically created ones. Legal definition ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
