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t. e. In theories of competition in economics, a barrier to entry, or an economic barrier to entry, is a fixed cost that must be incurred by a new entrant, regardless of production or sales activities, into a market that incumbents do not have or have not had to incur. [1] Because barriers to entry protect incumbent firms and restrict ...
Bloom's taxonomy is a set of three hierarchical models used for classification of educational learning objectives into levels of complexity and specificity. The three lists cover the learning objectives in cognitive, affective and psychomotor domains. The cognitive domain list has been the primary focus of most traditional education and is ...
In biology, taxonomic rank is the relative level of a group of organisms (a taxon) in an ancestral or hereditary hierarchy. A common system of biological classification ( taxonomy) consists of species, genus, family, order, class, phylum, kingdom, and domain. While older approaches to taxonomic classification were phenomenological, forming ...
A measure of disorder in the universe or of the unavailability of the energy in a system to do work. [7] Entropy and disorder also have associations with equilibrium. [8] Technically, entropy, from this perspective, is defined as a thermodynamic property which serves as a measure of how close a system is to equilibrium—that is, to perfect ...
An auction is usually a process of buying and selling goods or services by offering them up for bids, taking bids, and then selling the item to the highest bidder or buying the item from the lowest bidder. Some exceptions to this definition exist and are described in the section about different types. The branch of economic theory dealing with ...
Production is the process of combining various inputs, both material (such as metal, wood, glass, or plastics) and immaterial (such as plans, or knowledge) in order to create output. Ideally this output will be a good or service which has value and contributes to the utility of individuals. [1] The area of economics that focuses on production ...
Economic order quantity. Economic order quantity ( EOQ ), also known as financial purchase quantity or economic buying quantity, [citation needed] is the order quantity that minimizes the total holding costs and ordering costs in inventory management. It is one of the oldest classical production scheduling models.
Level of measurement or scale of measure is a classification that describes the nature of information within the values assigned to variables. [1] Psychologist Stanley Smith Stevens developed the best-known classification with four levels, or scales, of measurement: nominal, ordinal, interval, and ratio.