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.
Economic systemAn economic system, or economic order, is a system of production, resource allocation and distribution of goods and services within a society. It includes the combination of the various institutions, agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community. An economic system is a type of social system. The mode of production is a related concept.
Economic integrationEconomic integration is the unification of economic policies between different states, through the partial or full abolition of tariff and non-tariff restrictions on trade. The trade-stimulation effects intended by means of economic integration are part of the contemporary economic Theory of the Second Best: where, in theory, the best option is free trade, with free competition and no trade barriers whatsoever.
Pier (architecture)A pier, in architecture, is an upright support for a structure or superstructure such as an arch or bridge. Sections of structural walls between openings (bays) can function as piers. External or free-standing walls may have piers at the ends or on corners. The simplest cross section of the pier is square, or rectangular, but other shapes are also common. In medieval architecture, massive circular supports called drum piers, cruciform (cross-shaped) piers, and compound piers are common architectural elements.
Factors of productionIn economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, goods and services. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function. There are four basic resources or factors of production: land, labour, capital and entrepreneur (or enterprise). The factors are also frequently labeled "producer goods or services" to distinguish them from the goods or services purchased by consumers, which are frequently labeled "consumer goods".
Truss bridgeA truss bridge is a bridge whose load-bearing superstructure is composed of a truss, a structure of connected elements, usually forming triangular units. The connected elements (typically straight) may be stressed from tension, compression, or sometimes both in response to dynamic loads. The basic types of truss bridges shown in this article have simple designs which could be easily analyzed by 19th and early 20th-century engineers. A truss bridge is economical to construct because it uses materials efficiently.
Economic unionAn economic union is a type of trade bloc which is composed of a common market with a customs union. The participant countries have both common policies on product regulation, freedom of movement of goods, services and the factors of production (capital and labour) as well as a common external trade policy. When an economic union involves unifying currency, it becomes an economic and monetary union. The purposes for establishing an economic union normally include increasing economic efficiency and establishing closer political and cultural ties between the member countries.
Form follows functionForm follows function is a principle of design associated with late 19th and early 20th century architecture and industrial design in general, which states that the shape of a building or object should primarily relate to its intended function or purpose. The architect Louis Sullivan coined the maxim, which resumes Viollet-le-Duc's théories : a rationally designed structure may not necessarily be beautiful but no building can be beautiful that does not have a rationally designed structure.
