Ordinal utilityIn economics, an ordinal utility function is a function representing the preferences of an agent on an ordinal scale. Ordinal utility theory claims that it is only meaningful to ask which option is better than the other, but it is meaningless to ask how much better it is or how good it is. All of the theory of consumer decision-making under conditions of certainty can be, and typically is, expressed in terms of ordinal utility. For example, suppose George tells us that "I prefer A to B and B to C".
Sustainable agricultureSustainable agriculture is farming in sustainable ways meeting society's present food and textile needs, without compromising the ability for current or future generations to meet their needs. It can be based on an understanding of ecosystem services. There are many methods to increase the sustainability of agriculture. When developing agriculture within sustainable food systems, it is important to develop flexible business process and farming practices.
Hotelling's T-squared distributionIn statistics, particularly in hypothesis testing, the Hotelling's T-squared distribution (T2), proposed by Harold Hotelling, is a multivariate probability distribution that is tightly related to the F-distribution and is most notable for arising as the distribution of a set of sample statistics that are natural generalizations of the statistics underlying the Student's t-distribution. The Hotelling's t-squared statistic (t2) is a generalization of Student's t-statistic that is used in multivariate hypothesis testing.
Age of EnlightenmentThe Age of Enlightenment or the Enlightenment, also known as the Age of Reason, was an intellectual and philosophical movement that occurred in Europe, especially Western Europe, in the 17th and 18th centuries, with global influences and effects. The Enlightenment included a range of ideas centered on the value of human happiness, the pursuit of knowledge obtained by means of reason and the evidence of the senses, and ideals such as natural law, liberty, progress, toleration, fraternity, constitutional government, and separation of church and state.
Marginal rate of substitutionIn economics, the marginal rate of substitution (MRS) is the rate at which a consumer can give up some amount of one good in exchange for another good while maintaining the same level of utility. At equilibrium consumption levels (assuming no externalities), marginal rates of substitution are identical. The marginal rate of substitution is one of the three factors from marginal productivity, the others being marginal rates of transformation and marginal productivity of a factor.
PhysiocracyPhysiocracy ( physiocratie; from the Greek for "government of nature") is an economic theory developed by a group of 18th-century Age of Enlightenment French economists who believed that the wealth of nations derived solely from the value of "land agriculture" or "land development" and that agricultural products should be highly priced. Their theories originated in France and were most popular during the second half of the 18th century. Physiocracy became one of the first well-developed theories of economics.
AgroforestryAgroforestry refers to any of a broad range of land use practices where pasture or crops are integrated with trees and shrubs. This intentional combination of agriculture and forestry has multiple benefits, such as greatly enhanced yields from staple food crops, enhanced farmer livelihoods from income generation, increased biodiversity, improved soil structure and health, reduced erosion, and carbon sequestration. Trees in agroforestry systems can also produce wood, fruits, nuts, and other useful products with economic and practical value.
Simple livingSimple living refers to practices that promote simplicity in one's lifestyle. Common practices of simple living include reducing the number of possessions one owns, depending less on technology and services, and spending less money. Not only is simple living focused on external changes such as minimalism through fewer commitments or possessions but it also connects to the human's mindset and set of beliefs. These practices can be seen throughout history, religion, art, and economics.
