Law of demandIn microeconomics, the law of demand is a fundamental principle which states that there is an inverse relationship between price and quantity demanded. In other words, "conditional on all else being equal, as the price of a good increases (↑), quantity demanded will decrease (↓); conversely, as the price of a good decreases (↓), quantity demanded will increase (↑)". Alfred Marshall worded this as: "When we say that a person's demand for anything increases, we mean that he will buy more of it than he would before at the same price, and that he will buy as much of it as before at a higher price".
Cross elasticity of demandIn economics, the cross (or cross-price) elasticity of demand measures the effect of changes in the price of one good on the quantity demanded of another good. This reflects the fact that the quantity demanded of good is dependent on not only its own price (price elasticity of demand) but also the price of other "related" good. The cross elasticity of demand is calculated as the ratio between the percentage change of the quantity demanded for a good and the percentage change in the price of another good, ceteris paribus:The sign of the cross elasticity indicates the relationship between two goods.
DemandIn economics, demand is the quantity of a good that consumers are willing and able to purchase at various prices during a given time. The relationship between price and quantity demand is also called the demand curve. Demand for a specific item is a function of an item's perceived necessity, price, perceived quality, convenience, available alternatives, purchasers' disposable income and tastes, and many other options. Innumerable factors and circumstances affect a consumer's willingness or to buy a good.
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.
Demand curveIn a demand schedule, a demand curve is a graph depicting the relationship between the price of a certain commodity (the y-axis) and the quantity of that commodity that is demanded at that price (the x-axis). Demand curves can be used either for the price-quantity relationship for an individual consumer (an individual demand curve), or for all consumers in a particular market (a market demand curve). It is generally assumed that demand curves slope down, as shown in the adjacent image.
Supply and demandIn microeconomics, supply and demand is an economic model of price determination in a market. It postulates that, holding all else equal, in a competitive market, the unit price for a particular good, or other traded item such as labor or liquid financial assets, will vary until it settles at a point where the quantity demanded (at the current price) will equal the quantity supplied (at the current price), resulting in an economic equilibrium for price and quantity transacted.
Aggregate demandIn macroeconomics, aggregate demand (AD) or domestic final demand (DFD) is the total demand for final goods and services in an economy at a given time. It is often called effective demand, though at other times this term is distinguished. This is the demand for the gross domestic product of a country. It specifies the amount of goods and services that will be purchased at all possible price levels. Consumer spending, investment, corporate and government expenditure, and net exports make up the aggregate demand.
GlassGlass is a non-crystalline solid that is often transparent, brittle and chemically inert. It has widespread practical, technological, and decorative use in, for example, window panes, tableware, and optics. Glass is most often formed by rapid cooling (quenching) of the molten form; some glasses such as volcanic glass are naturally occurring. The most familiar, and historically the oldest, types of manufactured glass are "silicate glasses" based on the chemical compound silica (silicon dioxide, or quartz), the primary constituent of sand.
Contemporary architectureContemporary architecture is the architecture of the 21st century. No single style is dominant. Contemporary architects work in several different styles, from postmodernism, high-tech architecture and new interpretations of traditional architecture to highly conceptual forms and designs, resembling sculpture on an enormous scale. Some of these styles and approaches make use of very advanced technology and modern building materials, such as tube structures which allow construction of buildings that are taller, lighter and stronger than those in the 20th century, while others prioritize the use of natural and ecological materials like stone, wood and lime.
Cold workingIn metallurgy, cold forming or cold working is any metalworking process in which metal is shaped below its recrystallization temperature, usually at the ambient temperature. Such processes are contrasted with hot working techniques like hot rolling, forging, welding, etc. The same or similar terms are used in glassmaking for the equivalents; for example cut glass is made by "cold work", cutting or grinding a formed object. Cold forming techniques are usually classified into four major groups: squeezing, bending, drawing, and shearing.
ArchitectureArchitecture is the art and technique of designing and building, as distinguished from the skills associated with construction. It is both the process and the product of sketching, conceiving, planning, designing, and constructing buildings or other structures. The term comes ; ; . Architectural works, in the material form of buildings, are often perceived as cultural symbols and as works of art. Historical civilizations are often identified with their surviving architectural achievements.
New Classical architectureNew Classical architecture, New Classicism or Contemporary Classical architecture is a contemporary movement in architecture that continues the practice of Classical architecture. It is sometimes considered the modern continuation of Neoclassical architecture, even though other styles might be cited as well, such as Gothic, Baroque, Renaissance or even non-Western styles – often referenced and recreated from a postmodern perspective as opposed to being strict revival styles.
Work hardeningIn materials science, work hardening, also known as strain hardening, is the strengthening of a metal or polymer by plastic deformation. Work hardening may be desirable, undesirable, or inconsequential, depending on the context. This strengthening occurs because of dislocation movements and dislocation generation within the crystal structure of the material. Many non-brittle metals with a reasonably high melting point as well as several polymers can be strengthened in this fashion.
Stained glassStained glass is coloured glass as a material or works created from it. Throughout its thousand-year history, the term has been applied almost exclusively to the windows of churches and other significant religious buildings. Although traditionally made in flat panels and used as windows, the creations of modern stained glass artists also include three-dimensional structures and sculpture. Modern vernacular usage has often extended the term "stained glass" to include domestic lead light and objets d'art created from foil glasswork exemplified in the famous lamps of Louis Comfort Tiffany.
Rolling (metalworking)In metalworking, rolling is a metal forming process in which metal stock is passed through one or more pairs of rolls to reduce the thickness, to make the thickness uniform, and/or to impart a desired mechanical property. The concept is similar to the rolling of dough. Rolling is classified according to the temperature of the metal rolled. If the temperature of the metal is above its recrystallization temperature, then the process is known as hot rolling.
Sheet metalSheet metal is metal formed into thin, flat pieces, usually by an industrial process. Sheet metal is one of the fundamental forms used in metalworking, and it can be cut and bent into a variety of shapes. Thicknesses can vary significantly; extremely thin sheets are considered foil or leaf, and pieces thicker than 6 mm (0.25 in) are considered plate, such as plate steel, a class of structural steel. Sheet metal is available in flat pieces or coiled strips. The coils are formed by running a continuous sheet of metal through a roll slitter.
Glass transitionThe glass–liquid transition, or glass transition, is the gradual and reversible transition in amorphous materials (or in amorphous regions within semicrystalline materials) from a hard and relatively brittle "glassy" state into a viscous or rubbery state as the temperature is increased. An amorphous solid that exhibits a glass transition is called a glass. The reverse transition, achieved by supercooling a viscous liquid into the glass state, is called vitrification.
