Examlex
The process by which a task becomes increasingly familiar, requiring less effort in information processing and less explicit consciousness of the way it is performed.
Short Run
A period in economics during which some factors of production are fixed, leading to outputs that can only be influenced by changes in variable factors.
Long Run
A period during which all factors of production and costs are variable, allowing full adjustment to any change.
Fixed Cost
Describes expenses that do not change with the level of production or business activity, such as rent, salaries, and insurance premiums.
Variable Cost
Costs that change in proportion to the good or service that a business produces.
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