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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 |