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business/terms
business
question | answers |
---|---|
microeconomics | is primarily focused on individual businesses and their actions in accordance with "supply and demand" theory |
macroeconomics | 1.The part of economics concerned with large-scale or general economic factors, such as interest rates and national productivity |
Total Revenue | The amount a firm recieves for the sale of its output |
Economic Profit | Total revenue minues total cost, including both explicit and implicit costs |
Accounting Profit | Total revenue minus total explicit cost |
Efficient Scale | The quantity of output that minimizes average total cost |
Diseconomies of scale | The property whereby long-run average total cost rises as the quantity of output increases |