widget

(noun)

Any one of the components of a computer application's graphical user interface, such as a Cancel button or text input box that a user interacts with.

Related Terms

Examples of widget in the following topics:

  • Monopoly Price and Profit

    • Imagine that the market demand for widgets is Q=30-2P.
    • This says that when the price is one, the market will demand 28 widgets; when the price is two, the market will demand 26 widgets; and so on.
    • The monopoly's total revenue is equal to the price of the widget multiplied by the quantity sold: P(30-2P).
    • The firm can produce widgets at a total cost of 2Q2, that is, it can produce one widget for $2, two widgets for $8, three widgets for $18, and so on.
    • For comparison, it is easy to see that if the firm produced two widgets price would be $14 and profit would be $20; if it produced four widgets price would be $13 and profit would again be $20.

  • Defining Absolute Advantage

    • Imagine that Economy A can produce 5 widgets per hour with 3 workers.
    • Economy B can produce 10 widgets per hour with 3 workers .
    • This is because Economy B can produce twice as many widgets as Economy B with the same number of workers.
    • Party B has an absolute advantage in producing widgets.
    • It can produce more widgets with the same amount of resources than Party A.

  • What is Strategy?

    • As an example, let's take a company that wants to expand its current operations to producing widgets.
    • The company's strategy may involve analyzing the widget industry along with other businesses producing widgets.
    • A company wants to expand its current operations to produce widgets.
    • The company's strategy may involve analyzing the widget industry along with other businesses producing widgets.

  • Profit Maximization Function for Monopolies

    • Consider the example of a monopoly firm that can produce widgets at a cost given by the following function:
    • If the firm produces two widgets, for example, the total cost is 2+3(2)+22=12.
    • The price of widgets is determined by demand:
    • When the firm produces two widgets it can charge a price of 24-2(2)=20 for each widget.

  • Closing the Feedback Loop

    • Suppose a company decides to produce 200 widgets a day based on the expected demand.
    • Once this plan is put into action, the company undertakes regular monitoring and discovers that only 150 widgets are being sold.

  • Marginal Product of Labor (Physical)

    • If a factory that is initially producing 100 widgets hires another employee and is then able to produce 106 widgets, the MPL is simply six.

  • Setting Goals

    • For example, if a person typically produces four widgets an hour, and sets the goal of producing six, he may work more intensely toward the goal.
    • For example, if a person typically produces four widgets an hour, and sets the goal of producing six, he may work more intensely toward the goal .

  • Individuals Respond to Incentives

    • An example of this would be a manufacturing facility making widgets.
    • Under this system, the more widgets a worker creates the higher his or her prospective income will be.

  • Hosting

    • (As of August 2013, a good example of a project with separate but cross-linked primary and developer sites is the Ozone Widget Framework: compare their main user-facing site at ozoneplatform.org with their development area at github.com/ozoneplatform/owf. ).

  • S-Corporations (S-Corps)

    • Widgets Inc, an S-Corp, makes $10,000,000 in net income (before payroll) in 2006 and is owned 51% by Bob and 49% by John.