The Use of Specialisation to Achieve Economies of Scale Is

question 53

True/False

The use of specialisation to achieve economies of scale is one reason modern societies are as prosperous as they are.

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Definitions:

Goods

Items or products that are produced to satisfy wants or needs of consumers. Goods can be tangible, like food and cars, or intangible, like services.

Services

Intangible and non-physical goods provided by individuals or companies, such as healthcare, education, and financial consulting.

Total Product

The total quantity of output produced by a firm or economy as a result of its production process.

Marginal Product

The additional output that is produced by adding one more unit of a factor, such as labor or capital.