Match Each Term with Its Definition

question 22

Multiple Choice

Match each term with its definition.
-Future direction of the organization;what it wants to become

• A)budget
• B)goal
• C)planning
• D)values
• E)vision
• F)stakeholder

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Definitions:

Economies of Scale

The cost advantages that enterprises obtain due to their scale of operation, typically characterized by a reduction in per-unit cost with increasing output.

Specialization

The process by which individuals, firms, or countries focus on producing a certain type of goods or services, often to achieve greater efficiencies or quality.

Diseconomies of Scale

The situation where a company or business grows so large that the costs per unit increase, leading to decreased efficiency.

Long-run Total Costs

The total costs associated with the production of a certain level of output when all inputs can be varied, emphasizing the period in which no costs are fixed.