Examlex
An externality refers to economic events outside a market.
Unit Costs
The cost incurred by a company to produce, store, and sell one unit of a particular product or service.
Production
The process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (the output).
Average Total Cost
The total cost of production divided by the quantity produced, representing the per unit cost of goods or services.
Output
The amount of products or services generated by a company, sector, or economic system within a specific timeframe.
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