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March 23, 2023 

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GROWTH RATE OF PRODUCTION: The percentage change in (usually real) gross domestic product from one year to the next. This is used to indicate the degree of progress or economic growth of an economy.

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LONG-RUN PRODUCTION: An analysis of the production decision made by a firm in the long run. The central feature of this long-run analysis is returns to scale, which results in the long run even though all inputs are variable. Returns to scale are reflected in the long-run average cost curve as either economies to scale or diseconomies to scale.

     See also | long run | returns to scale | long-run average cost curve | planning curve | long-run equilibrium | long-run marginal cost | long-run total cost |


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SCIENCE

A discipline, or topic of study, that uses the scientific method to investigate and explain the operation of the world by testing and verifying hypothesized relations. Science is commonly divided into physical sciences (including chemistry, physics, and biology) and social sciences (including economics, sociology, and political science). Science is not just a subject, but a method of investigation using the scientific method.

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