What Is a Closed Loop System

question 41

Essay

What is a closed loop system?

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Definitions:

Returns To Scale

The change in output resulting from a proportionate increase in all inputs in the production process.

Input

Resources such as labor, materials, and capital used in the production process to create goods or services.

Marginal Products

The additional output resulting from a one-unit increase in the use of a variable input, holding all other inputs constant.

Exponents

Mathematical expressions denoting the power to which a number or variable is raised, indicating repeated multiplication.