1. The quality of being able of exchange or interchange something.
2. Being of such a nature that one part or quantity may be replaced by another equal part or quantity in the satisfaction of an obligation.
3. The standardization and interchangeability of listed options and futures contracts and certain other financial instruments with identical terms.
Fungibility permits either party to an opening transaction to close out a position through a closing transaction in an identical contract. All financial contracts with identical terms are not necessarily fungible, a fact that can increase risk in some markets.
Examples of highly fungible commodities are petroleum (gasoline), electricity, precious metals, and many currencies.
Fungibility has nothing to do with the ability to exchange one commodity for another. It has everything to do with exchanging one unit of a commodity with another unit of the same commodity.
1. Capable of being interchanged.
2. A description of commodities that can be traded or substituted for an equal amount of like commodity, usually to satisfy a contract.
3. Etymology: from Middle Latin fungibilis, from Latin fungi, "to perform, to execute, to discharge".
The harmonious contacts of a group of teeth with their antagonists.
1. The distortion of the sense of taste.
2. The abnormal or impaired functioning of the sense of tasting.
1. In medicine, over-activity or over-production (in a gland or another part of the body).
2. An excessive functioning of a body organ.
1. In medicine, diminished or insufficient activity or production (in a gland or other part of the body).
2. The underactivity of a gland or other bodily organ.
3. Reduced, low, or inadequate function.
A function describing the effect of individual observations on a statistic.
luminosity function (s) (noun)
, luminosity functions (pl)
A standard measure of the responses of the eyes to monochromatic (one color) light at various wavelengths: As part of her research, the ophthalmologist, Dr. Robinson, studied the changes in the luminosity functions of the eyes of her patients.
malfunction (s) (noun)
, malfunctions (pl)
Faultiness, abnormality, or an inadequate ability to function: The malfunction of the brakes in the car was considered to be the cause of Sam's accident, but fortunately no one was badly injured.
, more malfunctioning, most malfunctioning
Relating to a faulty performance or referring to some device that is not able to work as it should: Joe had some malfunctioning software which made it necessary for him to get a computer expert to help him solve the problems.
Failure to function or to function improperly.
modulation transfer function
A measure of the efficiency of an imaging system in transferring the details of an object to those of the image.
Having or fulfilling many functions.
Not performing nor able to perform a regular function.
Failure to achieve orgasm (climax) during sexual intercourse.