Examlex
Giddens and Brady (2007) advocate a concept-based approach to learning. In this approach, students are:
Economies of Scale
The cost advantage that arises with increased output of a product, where the average cost per unit decreases as the scale of production rises.
Inputs
Resources such as labor, materials, and capital used in the production process to create goods and services.
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.
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