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Theory Of Comparative Advantage
In an economic model, agents have a comparative advantage over others in producing a particular good if they can produce that good at a lower relative opportunity cost or autarky price, i.e. at a lower relative marginal cost prior to trade. Comparative advantage describes the economic reality of the work gains from trade for individuals, firms, or nations, which arise from differences in their factor endowments or technological progress. (The absolute advantage, comparing output per time (labor efficiency) or per quantity of input material (monetary efficiency), is generally considered more intuitive, but less accurate — as long as the opportunity costs of producing goods across countries vary, productive trade is possible.) David Ricardo developed the classical theory of comparative advantage in 1817 to explain why countries engage in international trade even when one country's workers are more efficient at producing ''every'' single good than workers in other countries. H ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Model
In economics, a model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified, often mathematical, framework designed to illustrate complex processes. Frequently, economic models posit structural parameters. A model may have various exogenous variables, and those variables may change to create various responses by economic variables. Methodological uses of models include investigation, theorizing, and fitting theories to the world. Overview In general terms, economic models have two functions: first as a simplification of and abstraction from observed data, and second as a means of selection of data based on a paradigm of econometric study. ''Simplification'' is particularly important for economics given the enormous complexity of economic processes. This complexity can be attributed to the diversity of factors that determine economic activity; ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Broadcloth
Broadcloth is a dense, plain woven cloth, historically made of wool. The defining characteristic of broadcloth is not its finished width but the fact that it was woven much wider (typically 50 to 75% wider than its finished width) and then heavily milled (traditionally the cloth was worked by heavy wooden trip hammers in hot soapy water) in order to shrink it to the required width. The effect of the milling process is to draw the yarns much closer together than could be achieved in the loom and allow the individual fibres of the wool to bind together in a felting process, which results in a dense, blind face cloth with a stiff drape which is highly weather-resistant, hard wearing and capable of taking a cut edge without the need for being hemmed. The manufacturing process originates from Flanders, the type of cloth was also made in Leiden and several parts of England at the end of the medieval period. The raw material was short staple wool, carded and spun into yarn and then ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Prime (symbol)
The prime symbol , double prime symbol , triple prime symbol , and quadruple prime symbol are used to designate units and for other purposes in mathematics, science, linguistics and music. Although the characters differ little in appearance from those of the apostrophe and single and double quotation marks, the uses of the prime symbol are quite different. While an apostrophe is now often used in place of the prime, and a double quote in place of the double prime (due to the lack of prime symbols on everyday writing keyboards), such substitutions are not considered appropriate in formal materials or in typesetting. Designation of units The prime symbol is commonly used to represent feet (ft), and the double prime is used to represent inches (in). The triple prime as used in watchmaking represents a ( of a ''French'' inch or '' pouce'', about ). Primes are also used for angles. The prime symbol is used for arcminutes ( of a degree), and the double prime for arcsecond ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Labor Mobility
Labor or worker mobility is the geographical and occupational movement of workers. Impediments to mobility are easily divided into two distinct classes with one being personal and the other being systemic. Personal impediments include physical location, and physical and mental ability. The systemic impediments include educational opportunities as well as various laws and political contrivances and even barriers and hurdles arising from historical happenstance. Increasing and maintaining a high level of labor mobility allows a more efficient allocation of resources and greater productivity. International labor mobility International labor mobility is the movement of workers between countries. It is an example of an international factor movement. The movement of laborers is based on a difference in resources between countries. According to economists, over time the migration of labor should have an equalizing effect on wages, with workers in the same industries garnering the same ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
William Whewell
William Whewell ( ; 24 May 17946 March 1866) was an English polymath, scientist, Anglican priest, philosopher, theologian, and historian of science. He was Master of Trinity College, Cambridge. In his time as a student there, he achieved distinction in both poetry and mathematics. The breadth of Whewell's endeavours is his remarkable feature. In a time of increasing specialization, Whewell belonged in an earlier era when natural philosophers investigated widely. He published work in mechanics, physics, geology, astronomy, and economics, while also composing poetry, writing a Bridgewater Treatise, translating the works of Goethe, and writing sermons and theological tracts. In mathematics, Whewell introduced what is now called the Whewell equation, defining the shape of a curve without reference to an arbitrarily chosen coordinate system. He also organized thousands of volunteers internationally to study ocean tides, in what is now considered one of the first citizen scienc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
General Equilibrium
In economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that the interaction of demand and supply will result in an overall general equilibrium. General equilibrium theory contrasts to the theory of ''partial'' equilibrium, which analyzes a specific part of an economy while its other factors are held constant. In general equilibrium, constant influences are considered to be noneconomic, therefore, resulting beyond the natural scope of economic analysis. The noneconomic influences is possible to be non-constant when the economic variables change, and the prediction accuracy may depend on the independence of the economic factors. General equilibrium theory both studies economies using the model of equilibrium pricing and seeks to determine in which circumstances the assumptions of general equilibrium will hold. The theory dates to the 1870s, particularly t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cloth
Textile is an umbrella term that includes various fiber-based materials, including fibers, yarns, filaments, threads, different fabric types, etc. At first, the word "textiles" only referred to woven fabrics. However, weaving is not the only manufacturing method, and many other methods were later developed to form textile structures based on their intended use. Knitting and Nonwoven, non-woven are other popular types of fabric manufacturing. In the contemporary world, textiles satisfy the material needs for versatile applications, from simple daily clothing to Bulletproof vest, bulletproof jackets, spacesuits, and Medical gown, doctor's gowns. Textiles are divided into two groups: Domestic purposes [consumer textiles] and technical textiles. In consumer textiles, Aesthetics (textile), aesthetics and Textile performance#Comfort, comfort are the most important factors, but in technical textiles, Textile performance#Properties, functional properties are the priority. Geotex ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wine
Wine is an alcoholic drink typically made from fermented grapes. Yeast consumes the sugar in the grapes and converts it to ethanol and carbon dioxide, releasing heat in the process. Different varieties of grapes and strains of yeasts are major factors in different styles of wine. These differences result from the complex interactions between the biochemical development of the grape, the reactions involved in fermentation, the grape's growing environment (terroir), and the wine production process. Many countries enact legal appellations intended to define styles and qualities of wine. These typically restrict the geographical origin and permitted varieties of grapes, as well as other aspects of wine production. Wines not made from grapes involve fermentation of other crops including rice wine and other fruit wines such as plum, cherry, pomegranate, currant and elderberry. Wine has been produced for thousands of years. The earliest evidence of wine is from the Caucasus ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
A Priori And A Posteriori
("from the earlier") and ("from the later") are Latin phrases used in philosophy to distinguish types of knowledge, justification, or argument by their reliance on empirical evidence or experience. knowledge is independent from current experience (e.g., as part of a new study). Examples include mathematics,Some associationist philosophers have contended that mathematics comes from experience and is not a form of any a priori knowledge () tautologies, and deduction from pure reason.Galen Strawson has stated that an argument is one in which "you can see that it is true just lying on your couch. You don't have to get up off your couch and go outside and examine the way things are in the physical world. You don't have to do any science." () knowledge depends on empirical evidence. Examples include most fields of science and aspects of personal knowledge. The terms originate from the analytic methods found in ''Organon'', a collection of works by Aristotle. Prior analytic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
England
England is a country that is part of the United Kingdom. It shares land borders with Wales to its west and Scotland to its north. The Irish Sea lies northwest and the Celtic Sea to the southwest. It is separated from continental Europe by the North Sea to the east and the English Channel to the south. The country covers five-eighths of the island of Great Britain, which lies in the North Atlantic, and includes over 100 smaller islands, such as the Isles of Scilly and the Isle of Wight. The area now called England was first inhabited by modern humans during the Upper Paleolithic period, but takes its name from the Angles, a Germanic tribe deriving its name from the Anglia peninsula, who settled during the 5th and 6th centuries. England became a unified state in the 10th century and has had a significant cultural and legal impact on the wider world since the Age of Discovery, which began during the 15th century. The English language, the Anglican Church, and Engli ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Portugal
Portugal, officially the Portuguese Republic ( pt, República Portuguesa, links=yes ), is a country whose mainland is located on the Iberian Peninsula of Southwestern Europe, and whose territory also includes the Atlantic archipelagos of the Azores and Madeira. It features the westernmost point in continental Europe, and its Iberian portion is bordered to the west and south by the Atlantic Ocean and to the north and east by Spain, the sole country to have a land border with Portugal. Its two archipelagos form two autonomous regions with their own regional governments. Lisbon is the capital and largest city by population. Portugal is the oldest continuously existing nation state on the Iberian Peninsula and one of the oldest in Europe, its territory having been continuously settled, invaded and fought over since prehistoric times. It was inhabited by pre-Celtic and Celtic peoples who had contact with Phoenicians and Ancient Greek traders, it was ruled by the Ro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
World Economy
The world economy or global economy is the economy of all humans of the world, referring to the global economic system, which includes all economic activities which are conducted both within and between nations, including production, consumption, economic management, work in general, exchange of financial values and trade of goods and services. In some contexts, the two terms are distinct "international" or "global economy" being measured separately and distinguished from national economies, while the "world economy" is simply an aggregate of the separate countries' measurements. Beyond the minimum standard concerning value in production, use and exchange, the definitions, representations, models and valuations of the world economy vary widely. It is inseparable from the geography and ecology of planet Earth. It is common to limit questions of the world economy exclusively to human economic activity, and the world economy is typically judged in monetary terms, even in cases in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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