Examlex
What happens when countries specialize according to their comparative advantage?
Economies of Scale
Refers to the cost advantage that arises with increased output of a product, where the average cost per unit falls as scale of production increases.
Lower-Cost Method
A cost-minimization strategy that involves choosing the most economical options in order to reduce expenses and improve efficiency.
Process Innovation
The implementation of a new or significantly improved production or delivery method.
Total Product Curve
A graph showing the relationship between the quantity of input used and the quantity of output produced.
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