In Economics, the word “adaptive” is used to describe a process or system that is able to change and adapt in response to new conditions. The term is often used in contrast to “static” or “rigid” systems, which are unable to change or adapt.

Adaptive systems are often seen as more efficient and effective than static systems, because they can quickly respond to new information and conditions. This ability to adapt can be particularly important in dynamic and uncertain environments.

There are many different types of adaptive systems, but all share the common goal of being able to respond quickly and effectively to changes in their environment. Some examples of adaptive systems include:

– Dynamic pricing algorithms (such as those used by Uber and other ride-sharing companies)

– Stock market trading algorithms

– Traffic control systems

– Supply chain management systems

– Weather forecasting models

Adaptive systems are often used in fields where there is a need to respond quickly to changes, such as Economics, Finance, and Manufacturing. In recent years, the use of adaptive systems has become more popular in a wide variety of fields, as the benefits of being able to adapt quickly have become more widely recognized.