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Willard Gibbs, Graphical Methods in the Thermodynamics of Fluids The concept of entropy is described by two principal approaches, the macroscopic perspective of classical thermodynamics, and the microscopic description central to statistical mechanics. The classical approach defines entropy in terms of macroscopically measurable physical properties, such as bulk mass, volume, pressure, and ...
v. t. e. An economic model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified, often mathematical, framework designed to illustrate complex processes. Frequently, economic models posit structural parameters. [1]
The Dynamic Integrated Climate-Economy model, referred to as the DICE model or Dice model, is a neoclassical integrated assessment model developed by 2018 Nobel Laureate William Nordhaus that integrates in the neoclassical economics, carbon cycle, climate science, and estimated impacts allowing the weighing of subjectively guessed costs and subjectively guessed benefits of taking steps to slow ...
Production–possibility frontier. In microeconomics, a production–possibility frontier ( PPF ), production possibility curve ( PPC ), or production possibility boundary ( PPB) is a graphical representation showing all the possible options of output for two goods that can be produced using all factors of production, where the given resources ...
In an Oxford Economics study high emission scenario, a temperature rise of 2 degrees by the year 2050 would reduce global GDP by 2.5–7.5%. By the year 2100 in this case, the temperature would rise by 4 degrees, which could reduce the global GDP by 30% in the worst case.
Economic graph. The social science of economics makes extensive use of graphs to better illustrate the economic principles and trends it is attempting to explain. Those graphs have specific qualities that are not often found (or are not often found in such combinations) in other sciences. The supply and demand model describes how prices vary as ...
The circular flow of income or circular flow is a model of the economy in which the major exchanges are represented as flows of money, goods and services, etc. between economic agents. The flows of money and goods exchanged in a closed circuit correspond in value, but run in the opposite direction. The circular flow analysis is the basis of ...
Thermodynamics. In thermodynamics, a temperature–entropy ( T–s) diagram is a thermodynamic diagram used to visualize changes to temperature ( T ) and specific entropy ( s) during a thermodynamic process or cycle as the graph of a curve. It is a useful and common tool, particularly because it helps to visualize the heat transfer during a ...