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.
Free body diagramIn physics and engineering, a free body diagram (FBD; also called a force diagram) is a graphical illustration used to visualize the applied forces, moments, and resulting reactions on a body in a given condition. It depicts a body or connected bodies with all the applied forces and moments, and reactions, which act on the body(ies). The body may consist of multiple internal members (such as a truss), or be a compact body (such as a beam). A series of free bodies and other diagrams may be necessary to solve complex problems.
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.
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.
Mechanical equilibriumIn classical mechanics, a particle is in mechanical equilibrium if the net force on that particle is zero. By extension, a physical system made up of many parts is in mechanical equilibrium if the net force on each of its individual parts is zero. In addition to defining mechanical equilibrium in terms of force, there are many alternative definitions for mechanical equilibrium which are all mathematically equivalent. In terms of momentum, a system is in equilibrium if the momentum of its parts is all constant.
Net forceIn mechanics, the net force is the sum of all the forces acting on an object. For example, if two forces are acting upon an object in opposite directions, and one force is greater than the other, the forces can be replaced with a single force that is the difference of the greater and smaller force. That force is the net force. When forces act upon an object, they change its acceleration. The net force is the combined effect of all the forces on the object's acceleration, as described by Newton's second law of motion.
Couple (mechanics)In mechanics, a couple is a system of forces with a resultant (a.k.a. net or sum) moment of force but no resultant force. A better term is force couple or pure moment. Its effect is to impart angular momentum but no linear momentum. In rigid body dynamics, force couples are free vectors, meaning their effects on a body are independent of the point of application. The resultant moment of a couple is a special case of moment. A couple has the property that it is independent of reference point.
Thermodynamic equilibriumThermodynamic equilibrium is an axiomatic concept of thermodynamics. It is an internal state of a single thermodynamic system, or a relation between several thermodynamic systems connected by more or less permeable or impermeable walls. In thermodynamic equilibrium, there are no net macroscopic flows of matter nor of energy within a system or between systems. In a system that is in its own state of internal thermodynamic equilibrium, no macroscopic change occurs.
Moment of inertiaThe moment of inertia, otherwise known as the mass moment of inertia, angular mass, second moment of mass, or most accurately, rotational inertia, of a rigid body is a quantity that determines the torque needed for a desired angular acceleration about a rotational axis, akin to how mass determines the force needed for a desired acceleration. It depends on the body's mass distribution and the axis chosen, with larger moments requiring more torque to change the body's rate of rotation.
Nash equilibriumIn game theory, the Nash equilibrium, named after the mathematician John Nash, is the most common way to define the solution of a non-cooperative game involving two or more players. In a Nash equilibrium, each player is assumed to know the equilibrium strategies of the other players, and no one has anything to gain by changing only one's own strategy. The principle of Nash equilibrium dates back to the time of Cournot, who in 1838 applied it to competing firms choosing outputs.
TorqueIn physics and mechanics, torque is the rotational analogue of linear force. It is also referred to as the moment of force (also abbreviated to moment). It describes the rate of change of angular momentum that would be imparted to an isolated body. The concept originated with the studies by Archimedes of the usage of levers, which is reflected in his famous quote: "Give me a lever and a place to stand and I will move the Earth". Just as a linear force is a push or a pull applied to a body, a torque can be thought of as a twist applied to an object with respect to a chosen point.
Resultant forceIn physics and engineering, a resultant force is the single force and associated torque obtained by combining a system of forces and torques acting on a rigid body via vector addition. The defining feature of a resultant force, or resultant force-torque, is that it has the same effect on the rigid body as the original system of forces. Calculating and visualizing the resultant force on a body is done through computational analysis, or (in the case of sufficiently simple systems) a free body diagram.
Centripetal forceA centripetal force (from Latin centrum, "center" and petere, "to seek") is a force that makes a body follow a curved path. The direction of the centripetal force is always orthogonal to the motion of the body and towards the fixed point of the instantaneous center of curvature of the path. Isaac Newton described it as "a force by which bodies are drawn or impelled, or in any way tend, towards a point as to a centre". In the theory of Newtonian mechanics, gravity provides the centripetal force causing astronomical orbits.
Reaction (physics)As described by the third of Newton's laws of motion of classical mechanics, all forces occur in pairs such that if one object exerts a force on another object, then the second object exerts an equal and opposite reaction force on the first. The third law is also more generally stated as: "To every action there is always opposed an equal reaction: or the mutual actions of two bodies upon each other are always equal, and directed to contrary parts." The attribution of which of the two forces is the action and which is the reaction is arbitrary.
TimeTime is the continued sequence of existence and events that occurs in an apparently irreversible succession from the past, through the present, into the future. It is a component quantity of various measurements used to sequence events, to compare the duration of events or the intervals between them, and to quantify rates of change of quantities in material reality or in the conscious experience. Time is often referred to as a fourth dimension, along with three spatial dimensions.
Normal forceIn mechanics, the normal force is the component of a contact force that is perpendicular to the surface that an object contacts, as in Figure 1. In this instance normal is used in the geometric sense and means perpendicular, as opposed to the common language use of normal meaning "ordinary" or "expected". A person standing still on a platform is acted upon by gravity, which would pull them down towards the Earth's core unless there were a countervailing force from the resistance of the platform's molecules, a force which is named the "normal force".
SystemA system is a group of interacting or interrelated elements that act according to a set of rules to form a unified whole. A system, surrounded and influenced by its environment, is described by its boundaries, structure and purpose and is expressed in its functioning. Systems are the subjects of study of systems theory and other systems sciences. Systems have several common properties and characteristics, including structure, function(s), behavior and interconnectivity.
