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ECONOMIES OF SCALE: Declining long-run average cost that occurs as a firm increases all inputs and expands its scale of production. This is graphically illustrated by a negatively-sloped long-run average cost curve and typically occurs for relatively small levels of production. Economies of scale are then overwhelmed by diseconomies of scale for relatively large production levels. Together, economies of scale and diseconomies of scale cause the long-run average cost curve to be U-shaped.
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PHYSICAL FLOW In the circular flow model, the transfer of goods and services from the business sector to the household sector and the transfer of resource services from the household sector to the business sector. The physical flow is usually illustrated as a counter-clockwise flow for a model with the product markets at the top, resource markets at the bottom, household sector at the left, and business sector at the left. The payment flow moves in the opposite direction.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store trying to buy either a video camera with stop action features or one of those memory foam pillows. Be on the lookout for attractive cable television service repair people.
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This isn't me! What am I?
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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"It is only our deeds that reveal who we are. " -- Carl Jung, psychiatrist
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AASB
American Assocation of Small Business
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