Industrial RevolutionThe Industrial Revolution, also known as the First Industrial Revolution, was a period of global transition of human economy towards more efficient and stable manufacturing processes that succeeded the Agricultural Revolution, starting from Great Britain, continental Europe, and the United States, that occurred during the period from around 1760 to about 1820–1840. This transition included going from hand production methods to machines; new chemical manufacturing and iron production processes; the increasing use of water power and steam power; the development of machine tools; and the rise of the mechanized factory system.
FeedbackFeedback occurs when outputs of a system are routed back as inputs as part of a chain of cause-and-effect that forms a circuit or loop. The system can then be said to feed back into itself. The notion of cause-and-effect has to be handled carefully when applied to feedback systems: Simple causal reasoning about a feedback system is difficult because the first system influences the second and second system influences the first, leading to a circular argument.
Food pricesFood prices refer to the average price level for food across countries, regions and on a global scale. Food prices affect producers and consumers of food. Price levels depend on the food production process, including food marketing and food distribution. Fluctuation in food prices is determined by a number of compounding factors. Geopolitical events, global demand, exchange rates, government policy, diseases and crop yield, energy costs, availability of natural resources for agriculture, food speculation, changes in the use of soil and weather events directly affect food prices.
Power outageA power outage (also called a powercut, a power out, a power failure, a power blackout, a power loss, or a blackout) is the loss of the electrical power network supply to an end user. There are many causes of power failures in an electricity network. Examples of these causes include faults at power stations, damage to electric transmission lines, substations or other parts of the distribution system, a short circuit, cascading failure, fuse or circuit breaker operation.
Monetary policyMonetary policy is the policy adopted by the monetary authority of a nation to affect monetary and other financial conditions to accomplish broader objectives like high employment and price stability (normally interpreted as a low and stable rate of inflation). Further purposes of a monetary policy may be to contribute to economic stability or to maintain predictable exchange rates with other currencies.
Fourth Industrial RevolutionThe Fourth Industrial Revolution, 4IR, or Industry 4.0, conceptualises rapid change to technology, industries, and societal patterns and processes in the 21st century due to increasing interconnectivity and smart automation. The term was popularised in 2016 by Klaus Schwab, the World Economic Forum founder and executive chairman, and has since been used in numerous economic, political, and scientific articles in reference to the current era of emerging high technology.
Scientific literatureScientific literature comprises academic papers that report original empirical and theoretical work in the natural and social sciences. Within a field of research, relevant papers are often referred to as "the literature". Academic publishing is the process of contributing the results of one's research into the literature, which often requires a peer-review process. Original scientific research published for the first time in scientific journals is called the primary literature.
World economyThe 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.
Planned economyA planned economy is a type of economic system where the distribution of goods and services or the investment, production and the allocation of capital goods takes place according to economic plans that are either economy-wide or limited to a category of goods and services. A planned economy may use centralized, decentralized, participatory or Soviet-type forms of economic planning. The level of centralization or decentralization in decision-making and participation depends on the specific type of planning mechanism employed.
Power factorIn electrical engineering, the power factor of an AC power system is defined as the ratio of the real power absorbed by the load to the apparent power flowing in the circuit. Real power is the average of the instantaneous product of voltage and current and represents the capacity of the electricity for performing work. Apparent power is the product of RMS current and voltage.
Second Industrial RevolutionThe Second Industrial Revolution, also known as the Technological Revolution, was a phase of rapid scientific discovery, standardization, mass production and industrialization from the late 19th century into the early 20th century. The First Industrial Revolution, which ended in the middle of the 19th century, was punctuated by a slowdown in important inventions before the Second Industrial Revolution in 1870.
Negative feedbackNegative feedback (or balancing feedback) occurs when some function of the output of a system, process, or mechanism is fed back in a manner that tends to reduce the fluctuations in the output, whether caused by changes in the input or by other disturbances. Whereas positive feedback tends to lead to instability via exponential growth, oscillation or chaotic behavior, negative feedback generally promotes stability. Negative feedback tends to promote a settling to equilibrium, and reduces the effects of perturbations.
