In patent law. Any contrivance used to regulate or augment force or motion; more properly, a complex structure, cousisting of a combination, or peculiar modification, of the mechanical powers.The term “machine,” in patent law, includes every mechanical device, or combination of mechanical powers and devices, to perform some function and produce a certain effect or result. But where the result or effect is produced by chemical action, by the operation or application of some element or power of nature, or of one substance to another, such modes, methods, or operations are called “processes.” A new process is usually the result of discovery; a machine, of invention. Corning v. Burden, 15 How. 252. 267, 14 L. Ed. 683. And see Pittsburgh Reduction Co. v. Cowles Electric Co. (C. C.) 55 Fed. 316 ; Westinghouse v. Boyden Power Brake Co.. 170 U. S. 537, 18 Sup. Ct. 707, 42 L. Ed. 1136; Burr v. Durvee, 1 Wall. 570, 17 L. Ed. 650: Stearns v. Russell, 85 Fed. 225, 29 C. C. A. 121; Wintermute v. Redington, 30 Fed. Cas. 370.
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MACHINE BUREAUCRACY
Typical in large, established organizations that have formalization and specialization at a high degree. Top level making decisions, lower levels mechanically carrying then out is this type of management structure.
MACHINE CONTROLLED TIME
No intervention by an operator is typical of total machine control of the machine’s work cycle segment.
MACHINE HOUR
Measured as one machine working for one hour. Not a labor hour. Used in mechanized production to apply overhead costs to work-in-process inventory. Necessary for cost accounting,
MACHINE INSTRUCTION
A program’s operation commands. Usually a compiled machine-native code. Also known as machine code. A computer, robot, or computer-driven machine recognizes these and executes them.
MACHINE LEARNING
Using repetition and experience as how humans seem to learn. Using software whose operations mimic these methods, employing artificial intelligence techniques to enhance the ability of a machine to improve its own performance.
MACHINE READABLE
Data or instructions readable through a computer’s electronic device. This input is ready for interpretation and manipulation. Bar codes, magnetic ink, or disk are sources of this data or instructions. Laser scanners, magnetic stripe readers, or disk drives are the reading devices.
MACHINE SCANNING
An optical device reads printed materials and transfer into digital format as electronic data input. Optical character recognition (OCR) technology is used.
MACHINE TOOL
Non-portable, power-driven industrial device. Machine tools are ‘machines that make machines.’ Abrading, cutting, drilling, forming, grinding, nibbling, or shaping of a piece of metal or other material are examples of tool operations.
MACHINERY
A more comprehensive term than “machine;” Including the appur- tenances necessary to the working of a machine. Seavey v. Central Mut. F. Ins. Co., Ill Mass. 540.
MACHOLDM
In old English law. A barn or granary open at the top; a rick or stack of corn. Spelman.
MACRO FORECAST
Broad, all-encompassing economic forecast covering employment and gross domestic product (GDP).
MACRO HEDGE
An offset designed to use futures contracts to eliminate, reduce, or otherwise mitigate an entire entity’s portfolio-based economic risk. Also refer to micro hedge.
MACRO MARKETING
National, societal-based perspective-study of broad marketing activities, institutions, and processes. Starting at an economy’s aggregate goods and services flow, it determines social benefits as resource consumption and environmental effects.
MACRO RATING
Superseded by CAMELS rating since 1994. Older evaluation-soundness measure of a bank. Management, asset quality, capital adequacy, risk-management, and operating results are evaluated.
MACRO RISKS
The nation’s economic relations with another nation as potential political issues. An example is a country’s middle class population revolting. Actions within or outside governmental control are viewed as potential risks.
MACROECONOMIC CONDITIONS
National or state-level economic factors. These influence the whole aggregated economy. Changes in employment levels, gross national product (GNP), and prices, be it deflation or inflation, are typical influences.
MACROECONOMIC EQUILIBRIUM
Meeting aggregate demand with aggregate supply as a national economic conditional activity. Prices, employment and resources show impacts by significant movement on either side.
MACROECONOMICS
A subject of study. Macro is the behavior of entire, aggregated economies or economic systems. In contrast, Micro is the behavior of individuals, individual firms, or more local markets. National income forecasting, from analyzed major economic factors, show predictable patterns and trends influencing one another. Employment and unemployment levels, gross national product (GNP), payments position balance, and deflation or inflation prices all contribute as factors. Fiscal and monetary policies, economic growth, and consumption and investment levels all play a role in these factors.
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