Examlex
What is the first step in the empirical method of scale construction?
Inputs
Resources used in the production process to produce goods or services, including labor, raw materials, and capital.
Output
The total amount of goods or services produced by a company, industry, or economy over a given period.
Diseconomies of Scale
The phenomenon where production costs per unit increase as the scale of operation enlarges, often due to inefficiencies or increased complexity.
Constant Returns to Scale
A situation in economic production where increasing all inputs by any proportionate amount results in output increasing by the same proportion.
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