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
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Transition Economies Ms. Cummins Words: 826 (without citation) 1‚006 (with) Many countries these days have switched from a command to a more market orientated economy. This process is called a transition in which many countries have taken‚ including Ecuador. Prior to being a market economy‚ Ecuador was once a command economy which is an economy that has all its decisions made by a central government such as: what to produce‚ how to produce it‚ and for whom to produce. Ecuador’s economy depends heavily
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Emerging Economies and Globalization Argosy University October 29‚ 2013 Emerging Economies and Globalization Multinational corporations (MNC’s) are consistently looking for new unsaturated markets to tap into in optimisms of expanding their business and capitalizing on future industry trends. General Electric Healthcare (GEH) is one of these MNC’s trying to capitalize on the incessantly rising healthcare industry. In 1878‚ Thomas Edison founded General Electric (GE)
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The Planned Economy Key Characteristics What to Produce: Central Planning Committee (CPC) determines national priorities and implements 1 and 5 year plans How to Produce: CPC allocates resources to production managers so as to meet targets. Production carried out to meet the national interest‚ not profit. For Whom to Produce: Influenced by income levels but the CPC often determines those income levels as it also offered incentives for workers to do the more demanding jobs. Most often a sense of moral
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My Essay about Joe‚ My Friend Joe struggles with autism every day. He is teased‚ forced to face obstacles every day of his life‚ and struggles to stay positive at all times. It amazes people how much he is still able to smile through all of the ups and downs that comes with being autistic. Joe has never had any trouble talking about his disability to others. Nor has he ever taken anything that has been negatively said about him to heart. People began to wonder if that smile was forced or if it is
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CURRENT ECONOMIC SITUATION 2 Introduction The current macroeconomic situation in the United States of America according to the article Economy in the United States that it is the world’s largest national economy‚ but has been going through a shaky economy. In 2010 the nominal GDP was around $14.7 trillion dollars. It also is a very high output when looking purchasing capita. The U.S. is one of the largest trading nations in the world with its
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Since the latter half of 2007 the world economy has been in a severe downward spiral as a result of the reckless lending practices of the world banks‚ the implications of which have trickled down into the industrialized economy over the last two years. This assignment aims to analyze the global seaborne trade industry with a focus on the dry bulk sub-sector and its major commodities by assessing the effect on factors that are influencing the demand and supply of dry bulk vessels and the future growth
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opportunities and challenges. The article ‘BHP Billiton and Rio Tinto: Seizing opportunities in China’s Dragon Economy’ written by Breda McCarthy encapsulates this transition; extrapolated through the variances in the economic state and rate of progression‚ which is directly intertwined with the variances in political‚ cultural and legal perspective. The rapid progress in China’s economy has made it the ideal target market for Australian mining giants BHP Billiton and Rio Tinto‚ as per “World Bank
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and found out that the causes of the economic delay were the corporations of civilians and the church; then‚ in 1856‚ a new law‚ called “the Lerdo Law”‚ was established by Miguel Lerdo. With this‚ the liberals thought in the recovery of Mexico’s economy by confiscating the land who those who did not work it and selling it to their previous tenants. Furthermore‚ the church could not buy any goods or properties. Although this law looked to subtract the strength of the church‚ peasants and workers
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the Philippines cost too much and resulted in the deaths of many innocent people. Good came out of China where the Open Door notes created free trade and kept Europe from controlling them and in Panama‚ the construction of the canal improved the economy. Even today‚ imperialism can be connected to certain groups. For example‚ ISIS is trying to control different countries in the Middle East. As they expand‚ their expansion of their ideas and power is seen to be unjustifiable and should be
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