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.
Economic development is the process by which a nation improves the economic, political, and social well-being of its people. The term has been used frequently by economists, politicians, and others in the 20th century. The concept, however, has been in existence in the West for centuries.