Examlex
Discuss how the Big Five originated from the study of language and from the study of personality questionnaires and ratings.
Decreasing-Cost Industry
An industry characterized by a downward-sloping long-run supply curve, indicating lowering costs as industry output increases.
Increasing-Cost Industry
An industry in which production costs increase as output expands, often due to scarce resources or rising input prices.
Industry Expands
The process of a sector in the economy growing due to an increase in demand, production, and often, employment.
Allocative Efficiency
A state of the economy where the distribution of resources among different uses is optimal, ensuring that the goods being produced are what consumers prefer the most.
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