Examlex
Which of the following is used to identify long-term trends?
Specialization
The process by which individuals, firms, or countries focus on producing a narrow range of products or services to gain greater efficiencies and yield higher quality or productivity.
Competitive Industry
An industry characterized by a large number of firms competing against each other, leading to innovation, lower prices, and improved products and services.
Economic Profit
The difference between a company's total revenue and its total costs, including both explicit and implicit costs, serving as a measure of the company's overall financial performance beyond just covering its opportunity costs.
Market Economy
An economic system in which supply and demand from consumers primarily determine what, how, and for whom goods and services are produced.
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