Examlex
Which theorist invented the term sociology and developed it as a field of thought?
Productive Efficiency
A situation in which an economy or entity is operating at maximum capacity, producing goods or services at the lowest possible cost.
Long-Run Equilibrium
A state in economics where all factors of production and outputs in an industry or market adjust fully to any changes, leading to a stable condition where no participant has an incentive to change behavior.
Spillovers
Economic events in one context that have effects on a third party or in a different context, often external to the initial economic activity.
Marginal Cost
The additional cost incurred by producing one extra unit of a good or service.
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