Economies of scale Definition Reduction in long-run average and marginal costs‚ due to increase in size of an operating unit (a factory or plant‚ for example). Economics of scale can be internal to a firm (cost reduction due to technological and management factors) or external (cost reduction due to the effect of technology in an industry). Diseconomies of scale Definition Increase in long-term average cost of production as the scale of operations increases beyond a certain level
Premium Economics of production Microeconomics Cost
Afghanistan Economy Profile 2013 Economy- Afghanistan’s economy is recovering from decades of conflict. The economy has improved significantly since the fall of the Taliban regime in 2001 largely because of the infusion of international assistance‚ the recovery of the agricultural sector‚ and service sector growth. Despite the progress of the past few years‚ Afghanistan is extremely poor‚ landlocked‚ and highly dependent on foreign aid. Much of the population continues to suffer from shortages
Premium Purchasing power parity Inflation Afghanistan
ECONOMY OF NIGERIA Nigeria is a middle income‚ mixed economy and emerging market‚ with expanding financial‚ service‚ communications‚ and entertainment sectors. It is ranked 30th in the world in terms of GDP (PPP) as of 2011‚ and its emergent‚ though currently underperforming manufacturing sector is the third-largest on the continent‚ producing a large proportion of goods and services for the West African region. Previously hindered by years of mismanagement‚ economic reforms of the past decade
Premium Gross domestic product Nigeria Peak oil
least 9‚000 years ago. Although it may have gone much further back with the trading of animals and the invention of ships‚ now-a-days international trading is one of the major parts of the global economy. It is the main reason for the development of this much industrialized world. Trading happens when countries do not have the resources to satisfy both theirs and the consumers’ needs and wants. Countries produce a surplus by exploiting their scarce domestic resources needed. Goods and services
Premium International trade
country of fast growth and development over the years‚ it is the sixth country with the highest nominal GDP which considered the leading economy in Latin American and the second largest in the western hemisphere. There are several economic events that trace the changes in the history of Brazil’s economy. Brazil was colonized by Portuguese in the 16th century when they enforced colonial treaty‚ trade policy which leads to the development the fallowing three centuries. The turning point for socioeconomics
Premium Inflation
would the money go to? The years after America first became independent were called the Industrial Revolution which was a period of major industrialization. The Industrial Revolution changed the American economy by bringing most of the wealth to plantation and factory owners. The South’s economy became more dependent on cotton and slave labor. This was because there was a boom in textiles during the Industrial Revolution causing a huge demand for cotton. The South depended
Premium United States United States Declaration of Independence Canada
Macroeconomics – the study of economic activity in the whole economy. It includes the study of: Economic growth – a steady rate of increase of national output Employment – a low level of unemployment Price stability – a low and stable rate of inflation External stability – a favorable balance of payments position Income distribution – an equitable distribution of income Circular flow of income model – the movement of spending and income through the economy. In a macroeconomics equilibrium
Premium Economics Inflation Gross domestic product
in Europe and all it did was kill people. If you dig deeper you realize that the Black Death wound up having a positive effect on Europe’s economic future. The lasting legacy of the Black Death should really be the good it did for Europe’s economy and how it enriched lives of generations of Europeans. The first way the Black Death helped the European economy was that it led to the fall of feudalism. Feudalism was a burden on the European economy’s growth because it made it where people were stuck
Premium United States Industrial Revolution Economics
Critical Assessment of judgement in Inspector of Taxes v. Kiernan Inspector of Taxes v. Kiernan (hereinafter referred to as Kiernan) is a Supreme Court case which‚ at first glance‚ would appear to deal with a rather innocuous question‚ can “pigs” be referred to as “cattle”? The question of whether pigs can be included within the confines of the the term cattle might seem both banal and quite absurd‚ but the judgement on this question has had repercussions for many subsquent cases since this matter
Premium Stare decisis Case law Common law
Economy of Singapore Singapore is a highly developed trade-oriented market economy.[10][11] Singapore’s economy has been ranked as the most open in the world‚[12] least corrupt‚[13] most pro-business‚[14] with low tax rates (14.2% of Gross Domestic Product‚ GDP)[15] and has thethird highest per-capita GDP in the world; in terms of Purchasing Power Parity (PPP). Government-linked companies play a substantial role in Singapore’s economy‚ which are owned through the sovereign wealth fund Temasek Holdings
Premium Economic growth Economics Macroeconomics