Definition Of Law Of Increasing Opportunity Cost

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  definition of law of increasing opportunity cost: An Introductory To Economics: Key Concept Summaries and Topics In Microeconomics and Macroeconomics R. David Johnson MBA, 2017-12-19 A primer introduction to key concepts and topics in economics, including microeconomics and macroeconomics.
  definition of law of increasing opportunity cost: Modern Microeconomics: Theory and Applications, 19th Edition Ahuja H.L., 2022-01-03 The nineteenth edition of Modern Microeconomics continues to provide a detailed understanding of the foundations of microeconomics. While it provides a solid foundation for economic analysis, it also lucidly explains the mathematical derivations of various microeconomic concepts. This textbook would be extremely useful for the students of economics.
  definition of law of increasing opportunity cost: Contemporary Economics Robert Carbaugh, 2016-07-22 The 8th Edition of Contemporary Economics continues to offer a clear, concise presentation of basic micro- and macroeconomic theory. Emphasising how the discipline of economics connects to the world, the book takes a friendly and accessible tone, illustrating theory with applications. This new edition comes with updated applications and data to reflect the changing world events since the previous edition was published. With a vast range of updated applications, the handbook uses real world, globally relevant examples that make the subject easy to understand. New and updated topics include: Energy and oil Economic sanctions on Russia and Iran The Eurozone Crisis The Trans-Pacific Partnership China and the world currency market Including a Companion Website complete with instructor’s manual, lecture slides and test bank, as well as an online study guide and multiple choice questions for students, Contemporary Economics is suitable for both economics students and non-majors studying economics and economic issues at the introductory level.
  definition of law of increasing opportunity cost: eBook: Economics 20th Edition MCCONNELL, 2017-02-15 eBook: Economics 20th Edition
  definition of law of increasing opportunity cost: Principles of Microeconomics, 22e Ahuja H.L., 2022 The book makes a comprehensive and analytical study of theories of demand, production/cost and determination of price and output of products in different market structures. It also discusses theory of factor pricing and income distribution as wages, rent, interest and profits. Above all, it critically analyses the conditions of economic efficiency and maximum social welfare and causes of market failures. It takes a further lead with this revision by aligning its contents with the prescribed UGC model curriculum and new Choice Based Credit System (CBCS) syllabus.
  definition of law of increasing opportunity cost: Economic Principles and Problems Geoffrey Schneider, 2021-11-29 Economic Principles and Problems: A Pluralistic Introduction offers a comprehensive introduction to the major perspectives in modern economics, including mainstream and heterodox approaches. Through providing multiple views of markets and how they work, it leaves readers better able to understand and analyze the complex behaviors of consumers, firms, and government officials, as well as the likely impact of a variety of economic events and policies. Most principles of economics textbooks cover only mainstream economics, ignoring rich heterodox ideas. They also lack material on the great economists, including the important ideas of Adam Smith, Karl Marx, Thorstein Veblen, John Maynard Keynes, and Friedrich Hayek. Mainstream books tend to neglect the kind of historical analysis that is crucial to understanding trends that help us predict the future. Moreover, they focus primarily on abstract models more than existing economic realities. This engaging book addresses these inadequacies. Including explicit coverage of mainstream economics and the major heterodox schools of economic thought—institutionalists, feminists, radical political economists, post-Keynesians, Austrians, and social economists—it allows the reader to choose which ideas they find most compelling in explaining modern economic realities. Written in an engaging style and focused on real-world examples, this textbook brings economics to life. Multiple examples of how each economic model works, coupled with critical analysis of the assumptions behind them, enable students to develop a sophisticated understanding of the material. Digital supplements are also available for students and instructors. Economic Principles and Problems offers the most contemporary and complete package for any pluralist economics class.
  definition of law of increasing opportunity cost: Microeconomic Principles and Problems Geoffrey Schneider, 2019-05-29 Microeconomic Principles and Problems offers a comprehensive introduction to all major perspectives in modern economics, including mainstream and heterodox approaches. Through providing multiple views of markets and how they work, it will leave readers better able to understand and analyse the complex behaviours of consumers, firms, and government officials, as well as the likely impact of a variety of economic events and policies. Most principles of microeconomics textbooks cover only mainstream economics, ignoring rich heterodox ideas. They also lack material on the great economists, including the important ideas of Adam Smith, Karl Marx, Thorstein Veblen, John Maynard Keynes and Friedrich Hayek. Mainstream books neglect the kind of historical analysis that is crucial to understanding trends that help us predict the future. Moreover, they focus on abstract models more than existing economic realities. This engaging book addresses these inadequacies. Including explicit coverage of the major heterodox schools of thought, it allows the reader to choose which ideas they find most compelling in explaining modern economic realities. Written in an engaging style focused on real world examples, this ground-breaking book brings economics to life. It offers the most contemporary and complete package for any pluralistic microeconomics class.
  definition of law of increasing opportunity cost: A Primer on Macroeconomics Thomas M. Beveridge, 2018-09-26 Every few generations, a technoeconomic revolution topples the status quo of how work is done, creating an opportunity for new leaders to emerge. Generative AI for Marketing is meant to position the current and future marketers to become those leaders and lead their organizations in the AI era. To succeed in leveraging AI, organizations must look beyond practices that were established before the AI era. This book elucidates the evolving role and needs of Generative AI in marketing, providing a blueprint for businesses to thrive in an ever-evolving business landscape by achieving the agility and adaptability needed to sustain growth with AI. Tailored for marketers and business students alike, readers will gain a commanding set of tools to master the trifecta of foundational AI knowledge, its applications in Marketing, and the knowhow to automate growth without increasing costs.
  definition of law of increasing opportunity cost: Advanced Economic Theory LPSPE HL Ahuja, 2019 This authoritative and comprehensive text is an advanced treatise on microeconomics. Featuring simplified mathematical treatment, the book covers a wide spectrum of theories and concepts aimed at effective understanding of advanced economic theory. This revised edition explores further the concept of economic efficiency and the concept of utility and its critique by Prof. Amartya Sen. It further includes an incisive analysis of Hicksian and Slutsky substitution effect. The revision also includes important distinctions and critical analysis of several functions expositing the latest developments in the field.
  definition of law of increasing opportunity cost: Macroeconomics Campbell R. McConnell, Stanley L. Brue, 1993 McConnell and Brue's Macroeconomics: Principles, Problems, and Policies is the leading Principles of Macroeconomics textbook because it is innovative and teaches students in a clear, unbiased way. The 17th Edition builds upon the tradition of leadership by sticking to 3 main goals: help the beginning student master the principles essential for understanding the economizing problem, specific economic issues, and the policy alternatives; help the student understand and apply the economic perspective and reason accurately and objectively about economic matters; and promote a lasting student interest in economics and the economy.
  definition of law of increasing opportunity cost: Contemporary Economics Robert J. Carbaugh, 2013-07-18 This popular text combines a clear, concise presentation of basic micro- and macroeconomic theory with an abundance of contemporary applications to motivate the reader. This new 7th edition is very strong on internationally oriented examples and it has excellent chapters on international trade and finance. An online Instructor's Manual and Test Bank are available to adopters and a free online study guide is available to students.
  definition of law of increasing opportunity cost: Microeconomics Campbell R. McConnell, Thomas Paul Barbiero, Stanley L. Brue, 1993
  definition of law of increasing opportunity cost: Economics for Today Allan Layton, Tim Robinson, Irvin Tucker, 2018-09-01 Economics for Today 6e simplifies the array of confusing economic analyses and presents a straightforward and balanced approach that effectively teaches the application of basic economics principles. Only essential material is included in the book and key concepts are explained in clear and simple terms. Written in an engaging and user-friendly manner, the book is designed for non-majors (although can also be used in these courses) with a continued focus on ethics in economics, sustainability and environmental economics, housing stress, development, health, happiness and debt crises. Economics for Today 6e is also available in MindTap, a personalised eLearning solution. MindTap provides interactive graph builders, online tests, video content and access to Aplia to build student confidence and give you a clear picture of their progress.
  definition of law of increasing opportunity cost: Principles of Microeconomics: A New-Look Textbook of Microeconomic Theory,22e Ahuja H.L., This most popular and proven text takes a further lead with this revision by aligning its contents with the prescribed UGC model curriculum and new Choice Based Credit System (CBCS) syllabus. The book provides carefully tailored content for undergraduate courses in economics across a range of academic disciplines.
  definition of law of increasing opportunity cost: Macroeconomics McConnell, William B. Walstad, 1999
  definition of law of increasing opportunity cost: Macroeconomic Principles and Problems Geoffrey Schneider, 2022-09-29 Macroeconomic Principles and Problems: A Pluralist Introduction offers a comprehensive overview of the major topics in modern macroeconomics, from mainstream and heterodox perspectives. This textbook examines the key macroeconomic problems and policy debates facing contemporary society, including economic crises, sustainability, fiscal and monetary policy, government debt, state-led vs. market-led approaches for growth, and unregulated trade vs. protectionism. Written in an engaging style and focused on real-world examples, this textbook brings macroeconomics to life. Multiple examples of how each economic model works, coupled with critical analysis of the assumptions behind them, enable students to develop a sophisticated understanding of the material. Digital supplements are also available for students and instructors. Macroeconomic Principles and Problems offers the most contemporary and complete package for any pluralist macroeconomics principles class.
  definition of law of increasing opportunity cost: Understanding Economics Mark A. Lovewell, 2007 Lovewell is a brief yet clear outline of economics that explains how economics relates to students' lives and to the main issues of the day. Lovewell is written for the one-semester principles course, whereas our other offerings are designed for the two-semester market. Bright, Right, Tight are the three words a reviewer used to describe the Lovewell text.
  definition of law of increasing opportunity cost: Economics for B.A. Students Semester I ( As per NEP) UP, 1/e Ahuja H.L., 2022 This textbook has been conceptualized to meet the need of B.A. First Semester students of Economics as per Common Minimum Syllabus prescribed for all Uttar Pradesh State Universities and Colleges under the recommended National Education Policy 2020. Maintaining the traditional approach to the subject, this textbook comprehensively covers first semester paper Principles of Microeconomics. This textbook acquaints the students with the important concepts of microeconomics such as demand, supply & market equilibrium, theory of consumer's behaviour, theory of production & cost, theory of firm & pricing in perfect competition, price & output under monopoly & imperfect competition, theory of distribution and lastly welfare economics & economic efficiency
  definition of law of increasing opportunity cost: Routledge Dictionary of Economics Donald Rutherford, 1995 Compiled to meet the needs of students and professionals in economics, finance, accountancy and business, this wide-ranging, international Dictionary is for everyone who wants an up-to-date resource to the world of economics. Key Features over 4200 comprehensive A to Z entries, from after-hours to z-score, provide clear, definitive explanations of the key terms, issues, theories and concepts in economics today - as well as describing the contributions of key figures in the field each entry is headed by a short definition for quick reference, and where relevant, followed by an annotated bibliography to lead the reader to further sources cross-referenced for ease of access the full range of subjects is covered, from classical economics and the study of value and growth, to contemporary concerns such as European Union and Green conditionality detailed coverage of vital econometric terms and statistics including entries such as eigenprices and M0 includes specialised commercial and financial jargon illustrated with 94 line diagrams unique subject index for ease of access
  definition of law of increasing opportunity cost: The Paradox of Choice Barry Schwartz, 2009-10-13 Whether we're buying a pair of jeans, ordering a cup of coffee, selecting a long-distance carrier, applying to college, choosing a doctor, or setting up a 401(k), everyday decisions—both big and small—have become increasingly complex due to the overwhelming abundance of choice with which we are presented. As Americans, we assume that more choice means better options and greater satisfaction. But beware of excessive choice: choice overload can make you question the decisions you make before you even make them, it can set you up for unrealistically high expectations, and it can make you blame yourself for any and all failures. In the long run, this can lead to decision-making paralysis, anxiety, and perpetual stress. And, in a culture that tells us that there is no excuse for falling short of perfection when your options are limitless, too much choice can lead to clinical depression. In The Paradox of Choice, Barry Schwartz explains at what point choice—the hallmark of individual freedom and self-determination that we so cherish—becomes detrimental to our psychological and emotional well-being. In accessible, engaging, and anecdotal prose, Schwartz shows how the dramatic explosion in choice—from the mundane to the profound challenges of balancing career, family, and individual needs—has paradoxically become a problem instead of a solution. Schwartz also shows how our obsession with choice encourages us to seek that which makes us feel worse. By synthesizing current research in the social sciences, Schwartz makes the counter intuitive case that eliminating choices can greatly reduce the stress, anxiety, and busyness of our lives. He offers eleven practical steps on how to limit choices to a manageable number, have the discipline to focus on those that are important and ignore the rest, and ultimately derive greater satisfaction from the choices you have to make.
  definition of law of increasing opportunity cost: CLEP® Principles of Microeconomics Book + Online Richard Sattora, 2012-04-24 REA's CLEP test preps are perfect for adults returning to college or attending for the first time, military service members, high-school graduates looking to earn college credit, or home-schooled students with knowledge that can translate into college credit. /Our comprehensive review covers all the topics found on the official CLEP exam: economic foundations, economic methodology, price elasticity, supply and demand, cost analysis, and more. /Students start their study by taking our half-length diagnostic practice test online. This timed test includes automatic scoring and diagnostic feedback, so students can pinpoint their strengths and weaknesses. The book includes 2 full-length practice tests that mirror the actual exam, allowing test-takers to become familiar with the test format before taking the CLEP. Each practice test comes with detailed answers, so students can identify areas in need of improvement.
  definition of law of increasing opportunity cost: The Elgar Companion to Austrian Economics P. J. Boettke, 1998-01-01 'The book can be recommended both to those who know something about Austrian economics already, and to those who know nothing.' David Simpson, Economic Affairs 'Mr Boettke's very readable compendium consists of short articles by mostly young scholars, selected to illustrate the diversity and fecundity of modern Austrian economics.' Michael Prowse, The Financial Times The Elgar Companion to Austrian Economics is a major new reference work which highlights the common ground between all the branches of the school while demonstrating the breadth and diversity within it. The Companion reflects the many areas where Austrian economists have made contributions, including technical economics, methodology of the social sciences, political theory and political science. This book includes contributions from an international group of scholars whose work demonstrates a basic similarity and interest in questions which have historically been associated with the Austrian approach to economics, although many of the contributors would not consider themselves to be strictly of this school. The distinguished team of contributors commissioned by the editor includes: K.D. Hoover, I.M. Kirzner, A. Klamer, D. Lavoie, C.K. Rowley, M. Rizzo, M. Rutherford, R.E. Wagner, U. Witt, L. Yeager. Each entry is fully referenced and includes suggestions for further readings on the topic. The Companion will be the standard reference work for all those engaged in the field of Austrian Economics. It not only introduces students to the Austrian school, but also serves as an important research tool for scholars working within the Austrian tradition.
  definition of law of increasing opportunity cost: Study Guide to Accompany MacroEconomics Campbell McConnell, William B. Walstad, Stanley Brue, 2006-12-05 One of the world’s leading experts on economic education, William Walstad of the University of Nebraska-Lincoln, has prepared the seventeenth edition of the Study Guide. Many students find the Study Guide indispensable. Each chapter contains an introductory statement, a checklist of behavioral objectives, an outline, a list of important terms, fill-in questions, problems and projects, objective questions, and discussion questions. The answers to Economics’ end-of-chapter Key Questions appear at the end of the Study Guide, along with the text’s glossary. The Guide comprises a superb “portable tutor” for the principles student. Separate Study Guides are available for the macro and micro paperback editions of the text.
  definition of law of increasing opportunity cost: Macroeconomics Roger A. Arnold, 2004 Offering a unique blend of solid theoretical content and student accessibility, this text: 1) covers all the basics of macroeconomics, 2) gives student a clear idea of how economists think about the world, 3) stresses the key concepts in economics, and 4) is extremely rich in intriguing applications that convey the prevalence of economics in everyday life. By applying economics to phenomenon that students are familiar with and interested in, this book demonstrates like no other text how economic analysis can be applied to virtually anything of interest, thus helping students develop true economic intuition. Additional student-oriented features include a unique active-learning format, an emphasis on developing economic analysis skills, and an outstanding visual program for exhibits and graphs.
  definition of law of increasing opportunity cost: Macroeconomics Robert Ernest Hall, Marc Lieberman, 1998 This text provides a lean and lively introduction to basic ideas of macroeconomic principles with a sound level of theoretical rigor. It has been carefully crafted in terms of both content and supporting pedagogy to keep students focused on learning and applying the central ideas used in economic analysis. Its objective is to be a study tool for students and a complement to, rather than a substitute for, the instructor, departing from the encyclopedic approach taken by most other texts. Pedagogy and applications are designed to maintain a focus on the fundamentals and allow flexibility for instructors to bring in additional material as they choose. In-text Internet links and a dedicated Web site provide opportunities and exercises for students to access and analyze additional real-world economic applications.
  definition of law of increasing opportunity cost: Terms of Trade Alan V. Deardorff, 2014 Have you ever wondered what a term in international economics means? This useful reference book offers a glossary of terms in both international trade and international finance, with emphasis on economic issues. It is intended for students getting their first exposure to international economics, although advanced students will also find it useful for some of the more obscure terms that they have forgotten or never encountered. Besides an extensive glossary of terms that has been expanded about 50% from the first edition, there is a picture gallery of diagrams used to explain key concepts such as the Edgeworth Production Box and the Offer Curve Diagram in international economics. This section is followed by over 30 lists of terms that occur a lot in international economics, grouped by subject to help users find terms that they cannot recall. Prior to an enlarged bibliography is an expanded section on the origins of terms in international economics, which records what the author has been able to learn about the origins of some of the terms used in international economics. This is a must-have portable glossary in international trade and international economics!. Sample Chapter(s). Glossary of Terms in International Economics (1,370 KB). Contents: Glossary of Terms in International Economics: A-Z; 0OCo9; Picture Gallery: Edgeworth Production Box; Integrated World Economy Diagram; IS-LM-BP Diagram; Lerner Diagram; Offer Curve Diagram; Specific-Factors Model; Tariff in Partial Equilibrium; Trade and Transformation Curve Diagram; Lists of Terms in International Economics by Subject: Arguments for Protection; Central Banks; Countertrade; Country Groups; Crises; Development Banks; Effects; Empirical Findings; Exchange Regimes; Fragmentation: Terms and Types; GATT and WTO Ministerials; GATT Articles; Indexes; International Classification Systems; International Commodity Agreements and Organizations; Memberships; Models; Nontariff Barriers; Other Nontariff Measures; Paradoxes and Puzzles; Preferential Trading Arrangements; Product-Specific Agreements, Institutions, and Conflicts; Regional Commissions for Economic and Social Development; Spanish Acronyms in International Economics; Techniques of Analysis; Terms of Trade Definitions; Theoretical Propositions; Trade Disputes; Trade Ministries; Trade Rounds; UNCTAD Meetings; United Nations Organizations; United States Government Units (Dealing with International Economic Matters); Origins of Certain Key Terms in International Economics. Readership: Undergraduates and graduate students in international economics; government and industry personnel related to international economics and finance.
  definition of law of increasing opportunity cost: Economics Campbell R. McConnell, 2008 Based on three main goals: help the beginning student master the principles essential for understanding the economizing problem, specific economic issues, and the policy alternatives; help the student understand and apply the economic perspective and reason; and promote a lasting student interest in economics and the economy.
  definition of law of increasing opportunity cost: Economics Today--the Micro View Roger LeRoy Miller, 1991
  definition of law of increasing opportunity cost: Exposition To Economics Kumar B. Das, 1993
  definition of law of increasing opportunity cost: Macroeconomics William B. Walstad, Robert C. Bingham, 1995-07
  definition of law of increasing opportunity cost: Macroeconomics Michael Parkin, 1995-12
  definition of law of increasing opportunity cost: Principles of Economics E. David Emery, 1984
  definition of law of increasing opportunity cost: Economics and Property Danny Myers, 2012-06-25 This text focuses on the introduction of economic principles to provide an understanding of the commercial and residential property sectors and the markets for development, construction and occupation of property. Economics and Property supports students following property economics courses leading to a career in the property profession. Experience suggests that economics can initially be perceived as challenging; this book makes the subject clear and comprehensible. Extracts and examples from the Estates Gazette and its electronic archive EGi are used to provide examples and raise questions for discussion. Glossaries, key learning points and a clear layout make this book the best introduction to economics for the property profession.
  definition of law of increasing opportunity cost: Student Study Guide Roger LeRoy Miller, 2003-07-15
  definition of law of increasing opportunity cost: Economics Today Roger LeRoy Miller, 2004 Economics Today has long led the field in offering students and instructors a dynamic, application-rich approach to teaching and learning economics. The book is based on the belief that students learn more when they are involved and engaged. The 12th edition features all new examples that have been selected to grab and hold students' attention. These examples serve one basic purpose-to drive home the application of the theory just presented.One of the keys to the success of Economics Today is that it is suitable for many teaching styles. Instructors who wish to stress theory can do so. Those who wish to stress applications and examples can do that. Those who wish to incorporate technology into the class can do so with ease using MyEconLab.
  definition of law of increasing opportunity cost: Is the U.S. Trade Deficit Sustainable? Catherine L. Mann, 1999 The global financial crisis of 1997-98 and the widening US trade deficit have precipitated fresh inquiry into a set of perennial questions about global integration and the US economy. How has global integration affected US producers and workers, and overall growth and inflation? Is a chronic and widening deficit sustainable, or will the dollar crash, perhaps taking the economy with it? If the problem was one of twin deficits, as many thought, why has the trade deficit continued to grow even as the budget deficit narrowed to zero? If US companies are so competitive, why does the trade deficit persist? Is the trade deficit a result of protectionism abroad? Will it lead to protectionism at home? What role do international capital markets have? Each chapter presents relevant data and a simple analytical framework as the basis for concise discussions of these major issues. The final section of the book provides an outlook for the deficit and suggests alternative policy courses for dealing with it. This book is designed for policymakers and others who are interested in the US role in the world economy. It is also suitable for courses in international economics, business, and international affairs.
  definition of law of increasing opportunity cost: Study Guide to Accompany Microeconomics Campbell R. McConnell, Campbell McConnell, Stanley L. Brue, William B. Walstad, 2006-12 There are more than 200 new full-color transparencies for the seventeenth edition. They encompass all the figures appearing in Economics. Additionally, the figures and tables from the text are found on the Instructor’s Resource CD-ROM.
  definition of law of increasing opportunity cost: Survey of Economics Irvin B. Tucker, 2001 This highly successful text makes basic economics readable, sensible, and interesting by placing an emphasis on application and student learning. It focuses on the most basic tools in economics and applies them clearly to explain real-world economic issues. Better than any other text, Tucker implements teaching tools and methodologies that drive the student learning process and development of critical analysis skills. It is known for its: lively and informative writing style; emphasis on critical thinking; applications; active learning environment; use of unique, highly motivational, student-oriented pedagogy; unparalleled visual learning support; and numerous in-chapter review and application opportunities.
  definition of law of increasing opportunity cost: Microeconomics Robert Ernest Hall, Marc Lieberman, 1998 This text provides a lean and lively introduction to basic ideas of microeconomic principles with a sound level of theoretical rigor. It has been carefully crafted in terms of both content and supporting pedagogy to keep students focused on learning and applying the central ideas used in economic analysis. Its objective is to be a study tool for students and a complement to, rather than a substitute for, the instructor, departing from the encyclopedic approach taken by most other texts. Pedagogy and applications are designed to maintain a focus on the fundamentals and allow flexibility for instructors to bring in additional material as they choose. In-text Internet links and a dedicated Web site provide opportunities and exercises for students to access and analyze additional real-world economic applications.
  definition of law of increasing opportunity cost: Economics William B. Walstad, Robert C. Bingham, 1995-07
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DEFINITION Definition & Meaning - Merriam-Webster
The meaning of DEFINITION is a statement of the meaning of a word or word group or a sign or symbol. How to use definition in a sentence.

DEFINITION Definition & Meaning - Dictionary.com
Definition definition: the act of defining, or of making something definite, distinct, or clear.. See examples of DEFINITION used in a sentence.

DEFINITION | English meaning - Cambridge Dictionary
DEFINITION definition: 1. a statement that explains the meaning of a word or phrase: 2. a description of the features and…. Learn more.

definition noun - Definition, pictures, pronunciation and usage …
Definition of definition noun in Oxford Advanced Learner's Dictionary. Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms and more.

DEFINITION definition and meaning | Collins English Dictionary
A definition is a statement giving the meaning of a word or expression, especially in a dictionary.

Definition - Wikipedia
A definition states the meaning of a word using other words. This is sometimes challenging. Common dictionaries contain lexical descriptive definitions, but there are various types of …

Definition - definition of definition by The Free Dictionary
Define definition. definition synonyms, definition pronunciation, definition translation, English dictionary definition of definition. n. 1. a. A statement of the meaning of a word, phrase, or …

Oxford English Dictionary
The historical English dictionary. An unsurpassed guide for researchers in any discipline to the meaning, history, and usage of over 500,000 words and phrases across the English-speaking …

Definition Definition & Meaning | Britannica Dictionary
DEFINITION meaning: 1 : an explanation of the meaning of a word, phrase, etc. a statement that defines a word, phrase, etc.; 2 : a statement that describes what something is

Definitions.net
Definition of SCRAT - a small, insignificant thing or amount, according 2 Merriam-Webster, so I'm assuming a SCRAT bath is an insignificant bath.