Economics is the study of how man attempts to satisfy his unlimited wants and needs by way of limited resources. This relative scarcity of resources implies the existence of cost and the need for choice. 

In microeconomics, economies of density are cost savings resulting from spatial proximity of suppliers or providers. Typically higher population densities allow synergies in service provision leading to lower unit costs. 

Economies of scope are "efficiencies formed by variety, not volume". In economics, "economies" is synonymous with cost savings and "scope" is synonymous with broadening production/services through diversified products.

The degree to which something is successful in producing a desired result; success.

Efficiency is the ability to avoid wasting materials, energy, efforts, money, and time in doing something or in producing a desired result. In a more general sense, it is the ability to do things well, successfully, and without waste.

The employee life cycle model (ELC) is an organizational method used to visualize how an employee engages with the company they are a part of. There are six stages involved in this model: Attraction, Recruitment, Onboarding, Development, Retention, and Separation.

Manufacturing process where product is built as per customer specifica-tion due to requiring unique engineering, design, customisation etc.