Examlex
Is physical capital a produced factor of production? Is human capital a produced factor of production?
Lowest Output
The minimum amount of goods or services produced by an entity under given conditions.
Shut Down
A short-term decision by a firm to cease operations because current operation is not covering variable costs.
Firm
An organization that produces goods or provides services, usually with the aim of making a profit.
Economic Profit
The difference between the total revenue generated by a business and the total costs, including both explicit and implicit costs.
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