In business, revenue is income that a company receives from its normal business activities, usually from the sale of goods and services to customers. In many countries, such as the United Kingdom, revenue is referred to as turnover. Some companies receive revenue from interest, dividends or royalties paid to them by other companies.
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Auction
An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder. In economic theory, an auction may refer to any mechanism or set of trading rules for exchange.
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Vickrey¿Clarke¿Groves auction
A Vickrey¿Clarke¿Groves (VCG) auction of multiple goods is a sealed-bid auction wherein bidders report their valuations for the items. The auction system assigns the items in a socially optimal manner, while ensuring each bidder receives at most one item. This system charges each individual the harm they cause to other bidders, and ensures that the optimal strategy for a bidder is to bid the true valuations of the objects. It is a generalization of a Vickrey auction for multiple items.
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Market
A market is one of many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services (including labor) in exchange for money from buyers. It can be said that a market is the process by which the prices of goods and services are established.
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Approximation algorithm
In computer science and operations research, approximation algorithms are algorithms used to find approximate solutions to optimization problems. Approximation algorithms are often associated with NP-hard problems; since it is unlikely that there can ever be efficient polynomial time exact algorithms solving NP-hard problems, one settles for polynomial time sub-optimal solutions.
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Matroid
In combinatorics, a branch of mathematics, a matroid or independence structure is a structure that captures and generalizes the notion of linear independence in vector spaces. There are many equivalent ways to define a matroid, a phenomenon sometimes called cryptomorphism. Significant definitions of matroid include those in terms of independent sets, bases, circuits, closed sets or flats, closure operators, and rank functions.
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Property
Property is any physical or intangible entity that is owned by a person or jointly by a group of people or a legal entity like a corporation. Depending on the nature of the property, an owner of property has the right to consume, sell, rent, mortgage, transfer, exchange or destroy it, or to exclude others from doing these things.
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Independent and identically distributed random variables
In probability theory and statistics, a sequence or other collection of random variables is independent and identically distributed (i.i.d. ) if each random variable has the same probability distribution as the others and all are mutually independent. The abbreviation i.i.d. is particularly common in statistics (often as iid, sometimes written IID), where observations in a sample are often assumed to be (more or less) i.i.d. for the purposes of statistical inference.
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