Examlex
Phil's company is set up as a _________ structure.
Equilibrium
A state in a market where supply equals demand, meaning that there is no tendency for the market price to change unless external factors alter supply or demand.
Specializing
The process by which individuals, businesses, or countries focus on producing a limited range of goods or services, to gain a competitive advantage in terms of efficiency, quality, or cost.
Specialization
Refers to the process by which individuals, firms, or countries focus on producing a limited range of goods or services to achieve greater efficiencies.
Economic Output
The total value of all goods and services produced within an economy over a specific period.
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