Price elasticity of demandA good's price elasticity of demand (, PED) is a measure of how sensitive the quantity demanded is to its price. When the price rises, quantity demanded falls for almost any good, but it falls more for some than for others. The price elasticity gives the percentage change in quantity demanded when there is a one percent increase in price, holding everything else constant. If the elasticity is −2, that means a one percent price rise leads to a two percent decline in quantity demanded.
Direct stiffness methodAs one of the methods of structural analysis, the direct stiffness method, also known as the matrix stiffness method, is particularly suited for computer-automated analysis of complex structures including the statically indeterminate type. It is a matrix method that makes use of the members' stiffness relations for computing member forces and displacements in structures. The direct stiffness method is the most common implementation of the finite element method (FEM).
Profit maximizationIn economics, profit maximization is the short run or long run process by which a firm may determine the price, input and output levels that will lead to the highest possible total profit (or just profit in short). In neoclassical economics, which is currently the mainstream approach to microeconomics, the firm is assumed to be a "rational agent" (whether operating in a perfectly competitive market or otherwise) which wants to maximize its total profit, which is the difference between its total revenue and its total cost.
Elasticity (economics)In economics, elasticity measures the responsiveness of one economic variable to a change in another. If the price elasticity of the demand of something is -2, a 10% increase in price causes the quantity demanded to fall by 20%. Elasticity in economics provides an understanding of changes in the behavior of the buyers and sellers with price changes. There are two types of elasticity for demand and supply, one is inelastic demand and supply and other one is elastic demand and supply.
MachiningMachining is a process in which a material (often metal) is cut to a desired final shape and size by a controlled material-removal process. The methods that have this common theme are collectively called subtractive manufacturing, which utilizes machine tools, in contrast to additive manufacturing (3D printing), which uses controlled addition of material. Machining is a part of the manufacture of many metal products, but it can also be used on other materials such as wood, plastic, ceramic, and composite material.
Speeds and feedsThe phrase speeds and feeds or feeds and speeds refers to two separate velocities in machine tool practice, cutting speed and feed rate. They are often considered as a pair because of their combined effect on the cutting process. Each, however, can also be considered and analyzed in its own right. Cutting speed (also called surface speed or simply speed) is the speed difference (relative velocity) between the cutting tool and the surface of the workpiece it is operating on.
Marginal revenueMarginal revenue (or marginal benefit) is a central concept in microeconomics that describes the additional total revenue generated by increasing product sales by 1 unit. Marginal revenue is the increase in revenue from the sale of one additional unit of product, i.e., the revenue from the sale of the last unit of product. It can be positive or negative. Marginal revenue is an important concept in vendor analysis.
ManufacturingManufacturing is the creation or production of goods with the help of equipment, labor, machines, tools, and chemical or biological processing or formulation. It is the essence of the secondary sector of the economy. The term may refer to a range of human activity, from handicraft to high-tech, but it is most commonly applied to industrial design, in which raw materials from the primary sector are transformed into finished goods on a large scale.
Flexibility methodIn structural engineering, the flexibility method, also called the method of consistent deformations, is the traditional method for computing member forces and displacements in structural systems. Its modern version formulated in terms of the members' flexibility matrices also has the name the matrix force method due to its use of member forces as the primary unknowns. Flexibility is the inverse of stiffness. For example, consider a spring that has Q and q as, respectively, its force and deformation: The spring stiffness relation is Q = k q where k is the spring stiffness.
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.
Structural analysisStructural analysis is a branch of solid mechanics which uses simplified models for solids like bars, beams and shells for engineering decision making. Its main objective is to determine the effect of loads on the physical structures and their components. In contrast to theory of elasticity, the models used in structure analysis are often differential equations in one spatial variable. Structures subject to this type of analysis include all that must withstand loads, such as buildings, bridges, aircraft and ships.
Beam (structure)A beam is a structural element that primarily resists loads applied laterally to the beam's axis (an element designed to carry primarily axial load would be a strut or column). Its mode of deflection is primarily by bending. The loads applied to the beam result in reaction forces at the beam's support points. The total effect of all the forces acting on the beam is to produce shear forces and bending moments within the beams, that in turn induce internal stresses, strains and deflections of the beam.
Climate change mitigationClimate change mitigation is action to limit climate change by reducing emissions of greenhouse gases or removing those gases from the atmosphere. The recent rise in global average temperature is mostly due to emissions from burning fossil fuels such as coal, oil, and natural gas. Mitigation can reduce emissions by transitioning to sustainable energy sources, conserving energy, and increasing efficiency. It is possible to remove carbon dioxide () from the atmosphere by enlarging forests, restoring wetlands and using other natural and technical processes.
Extreme environmentAn extreme environment is a habitat that is considered very hard to survive in due to its considerably extreme conditions such as temperature, accessibility to different energy sources or under high pressure. For an area to be considered an extreme environment, it must contain certain conditions and aspects that are considered very hard for other life forms to survive.
Economic growthEconomic growth can be defined as the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy in a financial year. Statisticians conventionally measure such growth as the percent rate of increase in the real and nominal gross domestic product (GDP). Growth is usually calculated in real terms – i.e., inflation-adjusted terms – to eliminate the distorting effect of inflation on the prices of goods produced. Measurement of economic growth uses national income accounting.
Natural environmentThe natural environment or natural world encompasses all living and non-living things occurring naturally, meaning in this case not artificial. The term is most often applied to Earth or some parts of Earth. This environment encompasses the interaction of all living species, climate, weather and natural resources that affect human survival and economic activity.
ExtremophileAn extremophile (from Latin extremus meaning "extreme" and Greek philiā (φιλία) meaning "love") is an organism that is able to live (or in some cases thrive) in extreme environments, i.e. environments with conditions approaching or expanding the limits of what known life can adapt to, such as extreme temperature, radiation, salinity, or pH level. Since the definition of an extreme environment is relative to an arbitrarily defined standard, often an anthropocentric one, these organisms can be considered ecologically dominant in the evolutionary history of the planet.
SpaceXSpace Exploration Technologies Corp., doing business as SpaceX, is an American spacecraft manufacturer, launch service provider and satellite communications company headquartered in Hawthorne, California. The company was founded in 2002 by Elon Musk with the goal of reducing space transportation costs and to colonize Mars. The company manufactures the Falcon 9, Falcon Heavy and Starship heavy-lift launch vehicles, the Cargo Dragon and Crew Dragon spacecraft, the Starlink mega-constellation satellite and rocket engines.
NASAThe National Aeronautics and Space Administration (NASA ˈnæsə) is an independent agency of the U.S. federal government responsible for the civil space program, aeronautics research, and space research. Established in 1958, NASA succeeded the National Advisory Committee for Aeronautics (NACA) to give the U.S. space development effort a distinctly civilian orientation, emphasizing peaceful applications in space science.
Outer spaceOuter space, commonly referred to simply as space, is the expanse that exists beyond Earth and its atmosphere and between celestial bodies. Outer space is not completely empty; it is a near-perfect vacuum containing a low density of particles, predominantly a plasma of hydrogen and helium as well as electromagnetic radiation, magnetic fields, neutrinos, dust, and cosmic rays. The baseline temperature of outer space, as set by the background radiation from the Big Bang, is .
