Please Define the Following Key Terms

question 48

Essay

Please define the following key terms. Show Who? What? Where? When? Why Important?
-tabula rasa

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Definitions:

Output

The total amount of goods or services produced by a person, machine, company, or industry.

Diseconomies of Scale

Occur when a company or business grows so large that the costs per unit increase. It represents the negative counterpart to economies of scale.

Economies of Scale

The cost advantages that enterprises obtain due to their scale of operations, with cost per unit of output generally decreasing with increasing scale.

Economies of Scale

The price benefits that firms enjoy from the magnitude of their operations, where the cost of each output unit generally lessens as the scale of operations increases.