Examlex
Note at least five characteristics of summative assessment (assessment of learning).
Negative Economic Profits
A situation where a firm's total revenue is less than its total costs, including both explicit and implicit costs.
Corn Market
The global or local marketplace where corn is traded as a commodity between buyers and sellers.
Increasing-Cost Industry
An industry in which expansion through the entry of new firms raises the prices firms in the industry must pay for resources and therefore increases their production costs.
Economic Losses
Losses incurred when a company or economy's total costs exceed its total revenues, indicating a negative profit situation.
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