👉 Frictions are a type of inequality between two or more entities, such as individuals or nations, when one entity is not willing to give up its rights and freedoms. This can lead to conflict and tension between them. Friction can occur in various contexts, including political, economic, social, and cultural arenas.
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What is the definition of Frictions? 🙋
👉 In economics, a friction is any interaction or constraint that impedes a system's ability to function optimally. This can be in the form of a barrier, such as an obstacle on a road, or it may be something more subtle and invisible, like a resistance to change or innovation within a system. Friction can arise from various sources, including economic conditions, technological barriers, political influences, or external pressures. Understanding how friction affects systems is crucial for optimizing performance, ensuring that resources are allocated
