Examlex
Key Terms Instructions: Please define the following key terms. Show Who? What? Where? When? Why Important?
Gallican church
Short Run
A period in economics during which some factors of production are fixed, making it impossible to change the level of output quickly.
Long Run
A period in which all factors of production and costs are variable, allowing for full adjustment to changes.
Expand
To increase in size, number, or scope, such as a business growing its operations or a market increasing its reach.
Internal Economies
Cost-saving measures that arise from the expansion of a firm, affecting the production process internally.
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