Competitive equilibriumCompetitive equilibrium (also called: Walrasian equilibrium) is a concept of economic equilibrium, introduced by Kenneth Arrow and Gérard Debreu in 1951, appropriate for the analysis of commodity markets with flexible prices and many traders, and serving as the benchmark of efficiency in economic analysis. It relies crucially on the assumption of a competitive environment where each trader decides upon a quantity that is so small compared to the total quantity traded in the market that their individual transactions have no influence on the prices.
Compression (physics)In mechanics, compression is the application of balanced inward ("pushing") forces to different points on a material or structure, that is, forces with no net sum or torque directed so as to reduce its size in one or more directions. It is contrasted with tension or traction, the application of balanced outward ("pulling") forces; and with shearing forces, directed so as to displace layers of the material parallel to each other. The compressive strength of materials and structures is an important engineering consideration.
Mechanical equilibriumIn classical mechanics, a particle is in mechanical equilibrium if the net force on that particle is zero. By extension, a physical system made up of many parts is in mechanical equilibrium if the net force on each of its individual parts is zero. In addition to defining mechanical equilibrium in terms of force, there are many alternative definitions for mechanical equilibrium which are all mathematically equivalent. In terms of momentum, a system is in equilibrium if the momentum of its parts is all constant.
Venn diagramA Venn diagram is a widely used diagram style that shows the logical relation between sets, popularized by John Venn (1834–1923) in the 1880s. The diagrams are used to teach elementary set theory, and to illustrate simple set relationships in probability, logic, statistics, linguistics and computer science. A Venn diagram uses simple closed curves drawn on a plane to represent sets. Very often, these curves are circles or ellipses.
Euler diagramAn Euler diagram (ˈɔɪlər, ) is a diagrammatic means of representing sets and their relationships. They are particularly useful for explaining complex hierarchies and overlapping definitions. They are similar to another set diagramming technique, Venn diagrams. Unlike Venn diagrams, which show all possible relations between different sets, the Euler diagram shows only relevant relationships. The first use of "Eulerian circles" is commonly attributed to Swiss mathematician Leonhard Euler (1707–1783).
