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a decision based only on a specific rule or rules and not on any other consideration: The case was dismissed on a technicality and will be retried at a later date. (Definition of technicality from the Cambridge Academic Content Dictionary © Cambridge University Press) Examples of technicality. technicality.
- English (US)
TECHNICALITY meaning: 1. a detail or small matter: 2. a...
- Znaczenie Technicality, Definicja W Cambridge English Dictionary
technicality definicja: 1. a detail or small matter: 2. a...
- Traditional
TECHNICALITY translate: 細則，細節，小事. Learn more in the...
- Technicality in Polish
TECHNICALITY translate: szczegół (techniczny lub prawny),...
- Translate English to Spanish
TECHNICALITY translate: detalle técnico, tecnicismo,...
- Technicality in Simplified Chinese
TECHNICALITY translate: 细则，细节，小事. Learn more in the...
- Translate English to Russian
TECHNICALITY translate: техническая деталь, формальность ....
- English (US)
- Productive Efficiency
- Allocative Efficiency
- X Inefficiency
- Efficiency of Scale
- Dynamic Efficiency
- Social Efficiency
- Technical Efficiency
- Pareto Efficiency
- Distributive Efficiency
This occurs when the maximum number of goods and services are produced with a given amount of inputs. This will occur on the production possibility frontier. On the curve, it is impossible to produce more goods without producing fewer services. Productive efficiency will also occur at the lowest point on the firm’s average costs curve. (Q1) See: Pr...
This occurs when goods and services are distributed according to consumer preferences. An economy could be productively efficient but produce goods people don’t need this would be allocative inefficient. Allocative efficiency occurs when the price of the good = the MC of production. This occurs at an output of 80, where price £11 = MC. At an output...
This occurs when firms do not have incentives to cut costs, for example, a monopoly which makes supernormal profits may have little incentive to get rid of surplus labour. If a firm’s average costs are higher than potential – then we are x-inefficient. See: X Inefficiency
This occurs when the firms produce on the lowest point of its long-run average cost (Q2) and therefore benefits fully from economies of scale
This refers to efficiency over time, for example, a Ford factory in 2010 may be very efficient for the time period, but by 2017, it could have lost this relative advantage and by comparison, would now be inefficient. Dynamic efficiency involves the introduction of new technology and working practices to reduce costs over time. 1. Dynamic efficiency...
This occurs when externalities are taken into consideration and occurs at an output where the social cost of production (SMC) = the social benefit (SMB) Social efficiency occurs at an output of 16 – where SMB = SMC See: Social efficiency
This requires the optimum combination of factor inputs to produce a good: it is related to productive efficiency. See: Technical efficiency
A situation where resources are distributed in the most efficient way. It is defined as a situation where it is not possible to make one party better off without making another party worse off. See: Pareto efficiency
Concerned with allocating goods and services according to who needs them most. Therefore, requires an equitable distribution. See: Distributive efficiency Related 1. Efficiency vs Equity
What does the noun technicality mean? There are three meanings listed in OED's entry for the noun technicality . See ‘Meaning & use’ for definitions, usage, and quotation evidence.
May 5, 2022 · Learn the definitions of a few key economic terms that everyone should understand. capital goods - items a business uses to produce goods or services to sell to consumers; examples include manufacturing equipment and business facilities
- Mary Gormandy White
- Staff Writer
- admin@yourdictionary.com
A technicality is a point, especially a legal one, that is based on a strict interpretation of the law or of a set of rules.
1. : something technical. especially : a detail meaningful only to a specialist. a legal technicality. 2. : the quality or state of being technical. Examples of technicality in a Sentence. These cases were dropped because of legal technicalities.
Dec 22, 2009 · By technology, we can mean a body of understanding of cause and effect in human minds, as with the codified realisations of productive knowledge in operating manuals, blueprints, recipes, scientific papers and so on; the capacities and skills that permit action, whether individually or in cooperation with others, not all of which will be written...
