Examlex
Key Terms Instructions: Please define the following key terms. Show Who? What? Where? When? Why Important?
Fourteen Points
Average Total Cost Curve
A graphical representation that shows the average total cost of producing different quantities of a good.
Diminishing Returns
A principle stating that if one factor of production is increased while other factors are held constant, the output per unit of the variable factor will eventually decrease.
Output Levels
Quantities of products or services produced within a given timeframe, reflecting the scale of a company's or industry's production.
Spreading
The practice of diversifying investments or risks to minimize potential losses.
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