Examlex
Degeneracy pressure stops the crush of gravity in all the following except
Explicit Costs
Direct, out-of-pocket payments for wages, rent, materials, and other inputs required for the production of goods or services.
Implicit Costs
The opportunity costs of utilizing resources owned by the firm that could have been employed elsewhere, not directly paid out in cash.
Economies of Scale
The cost advantages that enterprises obtain due to their scale of operation, leading to a decreased cost per unit.
Pin Factory
An example used by Adam Smith to describe the benefits of specialization and division of labor in manufacturing, increasing productivity and efficiency.
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