Economies of scale are the cost advantages that a business can exploit by expanding their scale of production. The effect of economies of scale is to reduce the average (unit) costs of production. Economies of scale‚ in microeconomics‚ refers to the cost advantages that an enterprise obtains due to expansion. There are factors that cause a producer’s average cost per unit to fall as the scale of output is increased. "Economies of scale" is a long run concept and refers to reductions in unit cost
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resource An economic or productive factor required to accomplish an activity‚ or as means to undertake an enterprise and achieve desired outcome. Three most basic resources are land‚ labor‚ and capital; other resources include energy‚ entrepreneurship‚ information‚ expertise‚ management‚ and time. Natural resources are derived from the environment. Many natural resources are essential for human survival‚ while others are used for satisfying human desire. Conservation is the management of natural
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Running Head: All My Sons All My Sons Gwen Hopkins June 11‚ 2014 HUM 102 All My Sons Arthur Miller’s “All My Sons‚” is based on an American middleclass family‚ much like any other‚ they love and respect each other. They go about their daily lives‚ just as any other family does‚ but the Kellers have a secret. Joe Keller‚ the father‚ sold parts that were manufactured in his factory‚ that were defective. He stays home from work‚ the day the parts were shipped‚ and ordered his business
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Western civilized world is known as the Great Depression. The stock market crash of 1929 marked the beginning of the 10 year battle to regain economic stability in the United States. After the crash in October‚ millions of investors were uprooted. Consumer confidence continued to decrease‚ so spending and investment dropped. This brought on rising unemployment and failing industrial output. The revival of the U.S. economy was started by President Roosevelt. However‚ the road to normalcy was
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The New Deal The Great Depression was one of the hardest times in American history. From poor and hungry Americans‚ too‚ 14‚000‚000‚000 billion dollars lost to stock market crash. During this time‚ some folks thought the United States was crumbling down. The New Deal shut down that thought in America. The New Deal was a major success for U.S. citizens. The New Deal imposed economic growth‚ controlled agricultural production‚ and created a vast public network program for the unemployed. The New Deal
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Positive Effect on the Economy Imagine being in line at a convenient store and a Hispanic man is in line in front of you at the counter purchasing food and gas. Chances are that you might not even know it‚ but he just happens to be an illegal immigrant. Through purchasing that food and gas‚ he just contributed to the economy as a consumer by paying sales tax. This is just one small example of the several ways illegal immigrants contribute to and positively affect the economy of the United States
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have the problem of externalities. In the absence of any distortions‚ competitive equilibrium is efficient. Distortions prevent the ‘invisible hand’ from allocating resources efficiently. Externalities are one of these distortions that lead to market failure. The problem arises because there is no market for things like noise. Hence markets and prices cannot ensure that the marginal benefit you get from making a noise equals the marginal cost of that noise to other people. An externality is a cost or
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RESOURCES Why farmers sometimes need to change the pH of soil A healthy‚ productive farm is created from the ground up. The fertility‚ structure and biological activity of your soil are the keys to raising successful crops. Great soil grows great plants with increased vigour and pest tolerance‚ not to mention maximized yields. There’s a lot to know about your soil for sure‚ but the most critical measurement is its pH. What is pH? Represented on a scale of 0 to 14‚ pH is the measurement of the
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Stalin’s policies led to a disastrous waste of raw materials‚ a significant loss of human capital‚ and a life of hardship for many. The implementation of Stalinism through such efforts as the Five Year Plans and Collectivization improved Russia’s economy by promoting rapid industrialization at all costs including the exile and murder of his opponents. Through close examination of these
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Name___________________________________ ESSAY. Write your answer in the space provided or on a separate sheet of paper. 1) For each of the following changes‚ show the effect on the demand curve and state what will happen to market equilibrium price and quantity in the short run. a. Consumers expect that the price of the good will be higher in the future. b. The price of a substitute good rises. c. Consumer incomes fall‚ and the good is normal. d. Consumer incomes fall‚ and the good
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