Provide a brief definition of each of the following terms.
Definitions:
Specialization
A production strategy where individuals, regions, or nations focus on the production of a limited scope of goods or services to gain greater efficiency and productivity.
Economies of Scale
Economies of Scale describe the cost advantages that a business can achieve due to expansion, leading to a lower cost per unit of output.
Long-run Average Total Costs
The per-unit production cost when all factors of production are variable and optimized for scale.
Long-run Average Total Cost
The per-unit cost of production when all inputs, including those typically fixed, can be varied, showing economies of scale if downward sloping.
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