Examlex
Countries that trade a small amount with a single foreign country tend to float their exchange rate to the foreign country's currency.
Short Run
A period in economic analysis during which at least one input, such as plant size or capital, is fixed, limiting the ability to adjust to demand changes.
Long Run
A period in which all factors of production and costs are variable, allowing for full adjustment to changes in the economic environment.
Specialization
The process of focusing effort and resources on a limited number of activities, goods, or services to gain a comparative advantage in production.
Decreasing Returns To Scale
Long-run average total cost increases as output increases (also known as diseconomies of scale).
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