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Factor.
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Variable Inputs
Inputs, such as labor and materials, whose usage changes according to the level of production.
Economies Of Scale
Cost advantages reaped by companies when production becomes efficient, as the scale of operation increases, leading to a reduction in average cost per unit.
Specialization
The focus of a business or individual on a limited scope of products or skills, allowing for increased efficiency and expertise.
Total Cost Curve
A graphical representation showing the total cost associated with producing varying quantities of output, illustrating economies or diseconomies of scale.
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