The term replacement investment concerns the acquisition of new machinery and equipment to maintain output capacity lost through the deterioration or scrapping of existing equipment.
An exploration of the term 'Research and Development (R&D)', focusing on its definition, historical context, major analytical frameworks, and case studies.
A process by which an uninformed party elicits information from parties with private information, often in the context of economic interactions involving asymmetrical information distribution.
An economics term referring to a firm founded and run by the state, often to engage in activities not attractive to private entrepreneurs or those involving natural monopolies.