Examlex
Which presidents advocated converting federal programs into block grants as a strategy labeled the New Federalism?
Variable Factors
Components of production that can be adjusted in the short term to change the output level, such as labor and raw materials.
Economies of Scale
A situation where the cost of producing one unit of a good decreases as the volume of production increases.
Diseconomies of Scale
The phenomenon where, beyond a certain point, the cost per unit increases as a company continues to grow in size and output.
Per-Unit Cost
The average cost for each product produced, calculated by dividing the total production costs by the total units produced.
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