Economic equilibriumIn economics, economic equilibrium is a situation in which economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change. For example, in the standard text perfect competition, equilibrium occurs at the point at which quantity demanded and quantity supplied are equal. Market equilibrium in this case is a condition where a market price is established through competition such that the amount of goods or services sought by buyers is equal to the amount of goods or services produced by sellers.
General equilibrium theoryIn 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 with the theory of partial equilibrium, which analyzes a specific part of an economy while its other factors are held constant.
Comparative staticsIn economics, comparative statics is the comparison of two different economic outcomes, before and after a change in some underlying exogenous parameter. As a type of static analysis it compares two different equilibrium states, after the process of adjustment (if any). It does not study the motion towards equilibrium, nor the process of the change itself. Comparative statics is commonly used to study changes in supply and demand when analyzing a single market, and to study changes in monetary or fiscal policy when analyzing the whole economy.
Competitive equilibriumCompetitive equilibrium (also called: Walrasian equilibrium) is a concept of economic equilibrium, introduced by Kenneth Arrow and Gérard Debreu in 1951, appropriate for the analysis of commodity markets with flexible prices and many traders, and serving as the benchmark of efficiency in economic analysis. It relies crucially on the assumption of a competitive environment where each trader decides upon a quantity that is so small compared to the total quantity traded in the market that their individual transactions have no influence on the prices.
Chemical equilibriumIn a chemical reaction, chemical equilibrium is the state in which both the reactants and products are present in concentrations which have no further tendency to change with time, so that there is no observable change in the properties of the system. This state results when the forward reaction proceeds at the same rate as the reverse reaction. The reaction rates of the forward and backward reactions are generally not zero, but they are equal. Thus, there are no net changes in the concentrations of the reactants and products.
Equilibrium constantThe equilibrium constant of a chemical reaction is the value of its reaction quotient at chemical equilibrium, a state approached by a dynamic chemical system after sufficient time has elapsed at which its composition has no measurable tendency towards further change. For a given set of reaction conditions, the equilibrium constant is independent of the initial analytical concentrations of the reactant and product species in the mixture.
Foundations of Economic AnalysisFoundations of Economic Analysis is a book by Paul A. Samuelson published in 1947 (Enlarged ed., 1983) by Harvard University Press. It is based on Samuelson's 1941 doctoral dissertation at Harvard University. The book sought to demonstrate a common mathematical structure underlying multiple branches of economics from two basic principles: maximizing behavior of agents (such as of utility by consumers and profits by firms) and stability of equilibrium as to economic systems (such as markets or economies).
Stress (mechanics)In continuum mechanics, stress is a physical quantity that describes forces present during deformation. An object being pulled apart, such as a stretched elastic band, is subject to tensile stress and may undergo elongation. An object being pushed together, such as a crumpled sponge, is subject to compressive stress and may undergo shortening. The greater the force and the smaller the cross-sectional area of the body on which it acts, the greater the stress. Stress has units of force per area, such as newtons per square meter (N/m2) or pascal (Pa).
Stress–strain analysisStress–strain analysis (or stress analysis) is an engineering discipline that uses many methods to determine the stresses and strains in materials and structures subjected to forces. In continuum mechanics, stress is a physical quantity that expresses the internal forces that neighboring particles of a continuous material exert on each other, while strain is the measure of the deformation of the material. In simple terms we can define stress as the force of resistance per unit area, offered by a body against deformation.
Cauchy stress tensorIn continuum mechanics, the Cauchy stress tensor , true stress tensor, or simply called the stress tensor is a second order tensor named after Augustin-Louis Cauchy. The tensor consists of nine components that completely define the state of stress at a point inside a material in the deformed state, placement, or configuration. The tensor relates a unit-length direction vector e to the traction vector T(e) across an imaginary surface perpendicular to e: or, The SI units of both stress tensor and traction vector are N/m2, corresponding to the stress scalar.
Internal auditInternal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes. Internal auditing might achieve this goal by providing insight and recommendations based on analyses and assessments of data and business processes.
Internal controlInternal control, as defined by accounting and auditing, is a process for assuring of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. A broad concept, internal control involves everything that controls risks to an organization. It is a means by which an organization's resources are directed, monitored, and measured. It plays an important role in detecting and preventing fraud and protecting the organization's resources, both physical (e.
FrictionFriction is the force resisting the relative motion of solid surfaces, fluid layers, and material elements sliding against each other. There are several types of friction: Dry friction is a force that opposes the relative lateral motion of two solid surfaces in contact. Dry friction is subdivided into static friction ("stiction") between non-moving surfaces, and kinetic friction between moving surfaces. With the exception of atomic or molecular friction, dry friction generally arises from the interaction of surface features, known as asperities (see Figure 1).
ProfessorProfessor (commonly abbreviated as Prof.) is an academic rank at universities and other post-secondary education and research institutions in most countries. Literally, professor derives from Latin as a "person who professes." Professors are usually experts in their field and teachers of the highest rank. In most systems of academic ranks, "professor" as an unqualified title refers only to the most senior academic position, sometimes informally known as "full professor.
Internal combustion engineAn internal combustion engine (ICE or IC engine) is a heat engine in which the combustion of a fuel occurs with an oxidizer (usually air) in a combustion chamber that is an integral part of the working fluid flow circuit. In an internal combustion engine, the expansion of the high-temperature and high-pressure gases produced by combustion applies direct force to some component of the engine. The force is typically applied to pistons (piston engine), turbine blades (gas turbine), a rotor (Wankel engine), or a nozzle (jet engine).
ForceIn physics, a force is an influence that can cause an object to change its velocity, i.e., to accelerate, unless counterbalanced by other forces. The concept of force makes the everyday notion of pushing or pulling mathematically precise. Because the magnitude and direction of a force are both important, force is a vector quantity. It is measured in the SI unit of newton (N) and often represented by the symbol F.
Positional notationPositional notation (or place-value notation, or positional numeral system) usually denotes the extension to any base of the Hindu–Arabic numeral system (or decimal system). More generally, a positional system is a numeral system in which the contribution of a digit to the value of a number is the value of the digit multiplied by a factor determined by the position of the digit. In early numeral systems, such as Roman numerals, a digit has only one value: I means one, X means ten and C a hundred (however, the value may be negated if placed before another digit).
Zermelo–Fraenkel set theoryIn set theory, Zermelo–Fraenkel set theory, named after mathematicians Ernst Zermelo and Abraham Fraenkel, is an axiomatic system that was proposed in the early twentieth century in order to formulate a theory of sets free of paradoxes such as Russell's paradox. Today, Zermelo–Fraenkel set theory, with the historically controversial axiom of choice (AC) included, is the standard form of axiomatic set theory and as such is the most common foundation of mathematics.
Axiom of choiceIn mathematics, the axiom of choice, abbreviated AC or AoC, is an axiom of set theory equivalent to the statement that a Cartesian product of a collection of non-empty sets is non-empty. Informally put, the axiom of choice says that given any collection of sets, each containing at least one element, it is possible to construct a new set by arbitrarily choosing one element from each set, even if the collection is infinite. Formally, it states that for every indexed family of nonempty sets, there exists an indexed set such that for every .
Northern CyprusNorthern Cyprus, officially the Turkish Republic of Northern Cyprus (TRNC), is a de facto state that comprises the northeastern portion of the island of Cyprus. Recognised only by Turkey, Northern Cyprus is considered by the international community to be part of the Republic of Cyprus. Northern Cyprus extends from the tip of the Karpass Peninsula in the northeast to Morphou Bay, Cape Kormakitis and its westernmost point, the Kokkina exclave in the west. Its southernmost point is the village of Louroujina.
