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economies of scale

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assembly line

assembly line  

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A device moving a good being produced, for example a car, past a sequence of workers or machines. As it passes each work-station, a particular task is performed. Tasks may include adding components, ...
contestable market

contestable market  

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A market that has very low barriers to entry and exit; in a perfectly contestable market entry and exit are costless. In such a market potential as well as actual competition is a constraint on what ...
gains from trade

gains from trade  

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The improvement in welfare possible as the result of countries being able to trade with one another, as compared with a position of autarchy. Gains from trade arise from two principal sources. One is ...
import substitution

import substitution  

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A strategy for the industrialization of less developed countries (LDCs), of concentrating initially on replacing imports by domestically produced substitutes. This has the advantage that it is ...
increasing returns to scale

increasing returns to scale  

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In a productive process, average productivity increasing with output. This means that increasing all inputs in the same proportion results in a more than proportional increase in output. Formally, ...
learning by doing

learning by doing  

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A term applied to describe an increase in a worker's productivity through practice. This concept is used in some endogenous growth models to explain increasing returns to human capital. Except in the ...
merger

merger  

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A combination of two or more firms into a single new firm. This takes over all the assets and liabilities of the merging firms; shares in the new firm are divided between the shareholders of the ...
self-financing

self-financing  

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A loan that is to be used to acquire assets that will produce sufficient return to meet the interest obligations and repay the principal.
sole proprietor

sole proprietor  

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An individual who runs an unincorporated business on his or her own. Generally, a sole proprietor of a business is known as a sole trader and a sole proprietor of a professional practice, such as an ...

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