Examlex
With respect to free trade, many U.S. citizens prefer "fair trade, not free trade."
Economies Of Scale
The cost advantages that enterprises obtain due to their scale of operation, typically resulting in cost per unit of output decreasing with increasing scale.
Diminishing Returns
A principle stating that if one input in the production of a commodity is increased while all other inputs are held fixed, a point will eventually be reached at which additions of the input yield progressively smaller, or diminishing, increases in output.
Production Function
The relationship between the quantity of inputs a firm uses and the quantity of output it produces.
Inputs
The resources, such as labor, materials, and capital, that are used in the production process to produce goods or services.
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