Examlex
What creates economies of scale for a firm?
Production Possibility Frontier
A graphical representation depicting the maximum output possibilities for two goods, given a set of inputs, highlighting the trade-offs in production choices.
Efficiency
The ability to achieve a desired outcome or output with the least waste of time, effort, or resources.
Production Possibility Curve
A graphical representation that shows the maximum possible output combinations of two goods or services an economy can achieve with existing resources and technology.
Capital
In economics, capital refers to the financial assets or the resources that businesses use to produce goods and services, such as equipment, buildings, and machinery.
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