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Capital Good
The economic concept of a capital good (also called complex product systems (CoPS),H. Rush, "Managing innovation in complex product systems (CoPS)," IEE Colloquium on EPSRC Technology Management Initiative (Engineering & Physical Sciences Research Council), London, UK, 1997, pp. 4/1-4/4, doi: 10.1049/ic:19971215. and means of production) is as a "...series of heterogeneous commodities, each having specific technical characteristics ..." in the form of a durable good that is used in the production of goods or services. Capital goods are a particular form of economic good and are tangible property. A society acquires capital goods by saving wealth that can be invested in the means of production. People use them to produce other goods or services within a certain period. Machinery, tools, buildings, computers, or other kinds of equipment that are involved in the production of other things for sale are capital goods. The owners of the capital good can be individuals, households, corp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Means Of Production
The means of production is a term which describes land, labor and capital that can be used to produce products (such as goods or services); however, the term can also refer to anything that is used to produce products. It can also be used as an abbreviation of the "means of production and distribution" which additionally includes the logistical distribution and delivery of products, generally through distributors, or as an abbreviation of the "means of production, distribution, and exchange" which further includes the exchange of distributed products, generally to consumers. This concept is used throughout fields of study including politics, economics, and sociology to discuss, broadly, the relationship between anything that can have productive use, its ownership, and the constituent social parts needed to produce it. Industrial production From the perspective of a firm, a firm uses its capital goods, which are also known as tangible assets as they are physical in nature ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wind Turbine
A wind turbine is a device that converts the kinetic energy of wind into electrical energy. Hundreds of thousands of large turbines, in installations known as wind farms, now generate over 650 gigawatts of power, with 60 GW added each year. Wind turbines are an increasingly important source of intermittent renewable energy, and are used in many countries to lower energy costs and reduce reliance on fossil fuels. One study claimed that, wind had the "lowest relative greenhouse gas emissions, the least water consumption demands and the most favorable social impacts" compared to photovoltaic, hydro, geothermal, coal and gas energy sources. Smaller wind turbines are used for applications such as battery charging for auxiliary power for boats or caravans, and to power traffic warning signs. Larger turbines can contribute to a domestic power supply while selling unused power back to the utility supplier via the electrical grid. Wind turbines are manufactured in a wide ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The New Palgrave Dictionary Of Economics
''The New Palgrave Dictionary of Economics'' (2018), 3rd ed., is a twenty-volume reference work on economics published by Palgrave Macmillan. It contains around 3,000 entries, including many classic essays from the original Inglis Palgrave Dictionary, and a significant increase in new entries from the previous editions by the most prominent economists in the field, among them 36 winners of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. Articles are classified according to ''Journal of Economic Literature'' (''JEL'') classification codes. ''The New Palgrave'' is also available in a hyperlinked online version. Online content is added to the 2018 edition, and a 4th edition under the editorship of J. Barkley Rosser Jr., Esteban Pérez Caldentey, and Matías Vernengo will be published in the future. The first edition was titled ''The New Palgrave: A Dictionary of Economics'' (1987), was and edited by John Eatwell, Murray Milgate, and Peter Newman, as a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumer Goods
A final good or consumer good is a final product ready for sale that is used by the consumer to satisfy current wants or needs, unlike a intermediate good, which is used to produce other goods. A microwave oven or a bicycle is a final good, but the parts purchased to manufacture them are intermediate goods. When used in measures of national income and output, the term "final goods" includes only new goods. For example, gross domestic product (GDP) excludes items counted in an earlier year to prevent double counting based on resale of items. In that context, the economic definition of goods also includes what are commonly known as '' services''. Manufactured goods are goods that have been processed in any way. They are distinct from raw materials but include both intermediate goods and final goods. Law There are legal definitions. For example, the United States' Consumer Product Safety Act has an extensive definition of consumer product, which begins: CONSUMER PRODUCT ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Means Of Production
The means of production is a term which describes land, labor and capital that can be used to produce products (such as goods or services); however, the term can also refer to anything that is used to produce products. It can also be used as an abbreviation of the "means of production and distribution" which additionally includes the logistical distribution and delivery of products, generally through distributors, or as an abbreviation of the "means of production, distribution, and exchange" which further includes the exchange of distributed products, generally to consumers. This concept is used throughout fields of study including politics, economics, and sociology to discuss, broadly, the relationship between anything that can have productive use, its ownership, and the constituent social parts needed to produce it. Industrial production From the perspective of a firm, a firm uses its capital goods, which are also known as tangible assets as they are physical in nature ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital (economics)
In economics, capital goods or capital are "those durable produced goods that are in turn used as productive inputs for further production" of goods and services. At the macroeconomic level, "the nation's capital stock includes buildings, equipment, software, and inventories during a given year." A typical example is the machinery used in factories. Capital can be increased by the use of the factors of production, which however excludes certain durable goods like homes and personal automobiles that are not used in the production of saleable goods and services. Adam Smith defined capital as "that part of man's stock which he expects to afford him revenue". In economic models, capital is an input in the production function. The total physical capital at any given moment in time is referred to as the capital stock (not to be confused with the capital stock of a business entity). Capital goods, real capital, or capital assets are already-produced, durable goods or any non ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Physical Capital
Physical capital represents in economics one of the three primary factors of production. Physical capital is the apparatus used to produce a good and services. Physical capital represents the tangible man-made goods that help and support the production. Inventory, cash, equipment or real estate are all examples of physical capital. Definition N.G. Mankiw definition from the book Economics: '' Capital is the equipment and structures used to produce goods and services. Physical capital consists of man-made goods (or input into the process of production) that assist in the production process. Cash, real estate, equipment, and inventory are examples of physical capital.'' Capital goods represents one of the key factors of corporation function. Generally, capital allows a company to preserve liquidity while growing operations, it refers to physical assets in business and the way a company have reached their physical capital. While referring how companies have obtained their ca ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Investment (economics)
In macroeconomics, investment "consists of the additions to the nation's capital stock of buildings, equipment, software, and inventories during a year" or, alternatively, investment spending — "spending on productive physical capital such as machinery and construction of buildings, and on changes to inventories — as part of total spending" on goods and services per year. Krugman, Paul and Robin Wells (2012), 2nd ed. ''Economics'', p. 593. Worth Publishers. The types of investment include residential investment in housing that will provide a flow of housing services over an extended time, non-residential fixed investment in things such as new machinery or factories, human capital investment in workforce education, and inventory investment (the accumulation, intentional or unintentional, of goods inventories) In measures of national income and output, " gross investment" (represented by the variable ) is a component of gross domestic product (), given in the formula , wher ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumer Goods
A final good or consumer good is a final product ready for sale that is used by the consumer to satisfy current wants or needs, unlike a intermediate good, which is used to produce other goods. A microwave oven or a bicycle is a final good, but the parts purchased to manufacture them are intermediate goods. When used in measures of national income and output, the term "final goods" includes only new goods. For example, gross domestic product (GDP) excludes items counted in an earlier year to prevent double counting based on resale of items. In that context, the economic definition of goods also includes what are commonly known as '' services''. Manufactured goods are goods that have been processed in any way. They are distinct from raw materials but include both intermediate goods and final goods. Law There are legal definitions. For example, the United States' Consumer Product Safety Act has an extensive definition of consumer product, which begins: CONSUMER PRODUCT ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Intellectual Property
Intellectual property (IP) is a category of property that includes intangible creations of the human intellect. There are many types of intellectual property, and some countries recognize more than others. The best-known types are patents, copyrights, trademarks, and trade secrets. The modern concept of intellectual property developed in England in the 17th and 18th centuries. The term "intellectual property" began to be used in the 19th century, though it was not until the late 20th century that intellectual property became commonplace in the majority of the world's legal systems."property as a common descriptor of the field probably traces to the foundation of the World Intellectual Property Organization (WIPO) by the United Nations." in Mark A. Lemley''Property, Intellectual Property, and Free Riding'', Texas Law Review, 2005, Vol. 83:1031, page 1033, footnote 4. The main purpose of intellectual property law is to encourage the creation of a wide variety of intellectual go ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fixed Capital
In accounting, fixed capital is any kind of real, physical asset that is used repeatedly in the production of a product. In economics, fixed capital is a type of capital good that as a real, physical asset is used as a means of production which is durable or isn't fully consumed in a single time period.Varri P. (1987) Fixed Capital. In: Durlauf S., Blume L. (eds) The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. "fixed capital", '' The New Palgrave: A Dictionary of Economics'', 1st Editio/ref> It contrasts with circulating capital such as raw materials, operating expenses etc. The concept was first theoretically analyzed in some depth by the economist Adam Smith in The Wealth of Nations (1776) and by David Ricardo in On the Principles of Political Economy and Taxation (1821). Ricardo studied the use of machines in place of labor and concluded that workers' fear of technology replacing them might be justified. Thus fixed capital is that portion of the t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Specifications
A specification often refers to a set of documented requirements to be satisfied by a material, design, product, or service. A specification is often a type of technical standard. There are different types of technical or engineering specifications (specs), and the term is used differently in different technical contexts. They often refer to particular documents, and/or particular information within them. The word ''specification'' is broadly defined as "to state explicitly or in detail" or "to be specific". A requirement specification is a documented requirement, or set of documented requirements, to be satisfied by a given material, design, product, service, etc. It is a common early part of engineering design and product development processes in many fields. A functional specification is a kind of requirement specification, and may show functional block diagrams. A design or product specification describes the features of the ''solutions'' for the Requirement Specification, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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