In economics, marginal cost is the change in the total cost that arises when the quantity produced is incremented by one unit. That is, it is the cost of producing one more unit of a good.In general terms, marginal cost at each level of production includes any additional costs required to produce the next unit.hat is, it is the cost of producing one more unit of a good. In general terms, marginal cost at each level of production includes any additional costs required to produce the next unit.
Economic expansion. An economic expansion is an increase in the level of economic activity, and of the goods and services available. It is a period of economic growth as measured by a rise in real GDP. The explanation of such fluctuations in aggregate economic activity is one of the primary concerns of macroeconomics. Typically an economic expansion is marked by an upturn in production and utilization of resources. Economic recovery and prosperity are two successive phases of expansion.
The concept of economic development is often misunderstood. Many times the term is confused with economic growth to define any type of money generating activity in the community. To further cloud the issue, there is no one prescription for economic development that will full-fill the needs of all communities. Successful economic development is a process that fills different needs for different communities at different times.