Examlex
What has happened to countries that did not participate in the globalization of the world economy?
Reshoring
The process of bringing back manufacturing and services to a country from overseas to strengthen the local economy and reduce reliance on foreign suppliers.
Minimum Efficient Scale
The smallest production quantity at which the long-run, total average cost is minimized.
Economies of Scale
Refers to the cost advantage that arises with increased output of a product, leading to a reduction in the per-unit cost.
Production Process
A sequence of steps or operations involved in the manufacture of goods or the delivery of services.
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