Examlex
Condensed financial data of Monopoly Corporation appear below:
Learning-by-Doing
The process through which skill and efficiency are improved over time as a result of practice and experience.
Economies of Scale
The cost advantage that arises with increased output of a product, where the average cost per unit decreases as the scale of production expands.
Technological Advance
Progress in technology that improves efficiency and productivity, often leading to economic growth.
Labor Productivity
A measurement of economic performance that shows the amount of goods and services produced per labor hour.
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