equivalence

Vocabulary Word

Definition

'Equivalence' refers to the concept where two or more items can be regarded as the same in certain respects. They might not be identical, but they hold equal value or function.

Examples in Different Contexts

In international trade, determining 'equivalence' in product standards is essential. A trade analyst might say, 'Establishing equivalence between different product certifications is vital to facilitate international trade and ensure fair competition between products from different origins.'

Practice Scenarios

Business

Scenario:

Given the variable foreign exchange rates, we might need to reevaluate pricing for our global projects.

Response:

We should examine the equivalence between local and foreign market prices before we proceed.

Tech

Scenario:

Since the functionality of our mobile app should be the same across iOS and Android platforms, we need to carefully review our coding approach.

Response:

We need to ensure the interactive elements have equivalence in both versions of the app.