Comparative advantageIn an economic model, agents have a comparative advantage over others in producing a particular good if they can produce that good at a lower relative opportunity cost or autarky price, i.e. at a lower relative marginal cost prior to trade. Comparative advantage describes the economic reality of the work gains from trade for individuals, firms, or nations, which arise from differences in their factor endowments or technological progress.
Absolute advantageIn economics, the principle of absolute advantage is the ability of a party (an individual, or firm, or country) to produce a good or service more efficiently than its competitors. The Scottish economist Adam Smith first described the principle of absolute advantage in the context of international trade in 1776, using labor as the only input. Since absolute advantage is determined by a simple comparison of labor productiveness, it is possible for a party to have no absolute advantage in anything.
Public propertyPublic property is property that is dedicated to public use. The term may be used either to describe the use to which the property is put, or to describe the character of its ownership (owned collectively by the population of a state). This is in contrast to private property, owned by an individual person or artificial entities that represent the financial interests of persons, such as corporations. State ownership, also called public ownership, government ownership or state property, are property interests that are vested in the state, rather than an individual or communities.
EssenceEssence (essentia) is a polysemic term, having various meanings and uses. It is used in philosophy and theology as a designation for the property or set of properties or attributes that make an entity or substance what it fundamentally is, and which it has by necessity, and without which it loses its identity. Essence is contrasted with accident: a property or attribute the entity or substance has contingently, without which the substance can still retain its identity.
Right to propertyThe right to property, or the right to own property (cf. ownership) is often classified as a human right for natural persons regarding their possessions. A general recognition of a right to private property is found more rarely and is typically heavily constrained insofar as property is owned by legal persons (i.e. corporations) and where it is used for production rather than consumption.
EssentialismEssentialism is the view that objects have a set of attributes that are necessary to their identity. In early Western thought, Plato's idealism held that all things have such an "essence"—an "idea" or "form". In Categories, Aristotle similarly proposed that all objects have a substance that, as George Lakoff put it, "make the thing what it is, and without which it would be not that kind of thing". The contrary view—non-essentialism—denies the need to posit such an "essence'". Essentialism has been controversial from its beginning.
Property rights (economics)Property rights are constructs in economics for determining how a resource or economic good is used and owned, which have developed over ancient and modern history, from Abrahamic law to Article 17 of the Universal Declaration of Human Rights. Resources can be owned by (and hence be the property of) individuals, associations, collectives, or governments. Property rights can be viewed as an attribute of an economic good.
Property (philosophy)In logic and philosophy (especially metaphysics), a property is a characteristic of an object; a red object is said to have the property of redness. The property may be considered a form of object in its own right, able to possess other properties. A property, however, differs from individual objects in that it may be instantiated, and often in more than one object. It differs from the logical/mathematical concept of class by not having any concept of extensionality, and from the philosophical concept of class in that a property is considered to be distinct from the objects which possess it.
HourAn hour (symbol: h; also abbreviated hr) is a unit of time historically reckoned as of a day and defined contemporarily as exactly 3,600 seconds (SI). There are 60 minutes in an hour, and 24 hours in a day. The hour was initially established in the ancient Near East as a variable measure of of the night or daytime. Such seasonal hours, also known as temporal hours or unequal hours, varied by season and latitude. Equal hours or equinoctial hours were taken as of the day as measured from noon to noon; the minor seasonal variations of this unit were eventually smoothed by making it of the mean solar day.
