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v. t. e. In microeconomics, economies of scale are the cost advantages that enterprises obtain due to their scale of operation, and are typically measured by the amount of output produced per unit of time. A decrease in cost per unit of output enables an increase in scale that is, increased production with lowered cost. [ 1]
Opportunity cost is the concept of ensuring efficient use of scarce resources, [ 25] a concept that is central to health economics. The massive increase in the need for intensive care has largely limited and exacerbated the department's ability to address routine health problems.
Economic geography is the subfield of human geography that studies economic activity and factors affecting it. It can also be considered a subfield or method in economics . [ 1 ] There are four branches of economic geography.
Gross domestic product ( GDP) is a monetary measure of the market value [ 2] of all the final goods and services produced and rendered in a specific time period by a country [ 3] or countries. [ 4][ 5][ 6] GDP is often used to measure the economic health of a country or region. [ 3] Definitions of GDP are maintained by several national and ...
In microeconomics, diseconomies of scale are the cost disadvantages that economic actors accrue due to an increase in organizational size or in output, resulting in production of goods and services at increased per-unit costs. The concept of diseconomies of scale is the opposite of economies of scale. It occurs when economies of scale become ...
Value added is a term in financial economics for calculating the difference between market value of a product or service, and the sum value of its constituents. It is relatively expressed to the supply-demand curve for specific units of sale. [ 1] It represents a market equilibrium view of production economics and financial analysis.
Alamy There are some economic terms most of us know and understand, such as supply and demand. And there are other terms we will probably never even run across, like implicit logrolling and a ...
Money portal. v. t. e. In economics, gains from trade are the net benefits to economic agents from being allowed an increase in voluntary trading with each other. In technical terms, they are the increase of consumer surplus [ 1] plus producer surplus [ 2] from lower tariffs [ 3] or otherwise liberalizing trade. [ 4]