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Time

Definition

Time refers to the progression of events from the past through present into the future. It is often represented as a variable in mathematical models to study how quantities change over time.

Analogy

Think of time as moving along a timeline where events happen one after another. Just like each point on a line has specific coordinates indicating its position relative to others, each moment in time has its unique value for calculations and analysis.

Related terms

Rate of Change: Rate of change measures how quickly one quantity changes with respect to another over a specific interval. In this case, we can analyze how assets change over time.

Dependent/Independent Variable: In mathematical models involving multiple variables, the dependent variable depends on (or is influenced by) changes in the independent variable(s). Here, A(t) would be considered dependent on time t.

Interval: An interval refers to a range between two points or values. In the context of time, we can analyze how assets change within specific intervals, such as from t=0 to t=10.