Examlex
The largest debt-to-GDP ratio is in the United States.
Economies of Scale
The cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale.
Corporate Bureaucracy
The administrative system governing any large institution or organization, characterized by a hierarchy of authority, rigid division of labor, and strict regulations and procedures.
Average Fixed Cost
The fixed costs of production divided by the quantity of output produced, showing the cost of each product unit excluding variable costs.
Average Variable Cost
The cost a company incurs for each unit of output, which changes with the level of production, excluding fixed costs.
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