What Does the Following Key Term Mean

question 34

Short Answer

What does the following Key Term mean:
-Torah

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Definitions:

Economies of Scale

The cost benefits that organizations gain from their operation size, where the cost for each unit of output typically reduces as the scale increases.

Inputs

Inputs are the resources used in the production process to create goods or services, including labor, raw materials, machinery, and capital.

Production

The process of creating goods or services by combining labor, machinery, and materials resources.

Returns to Scale

The rate at which output increases as inputs are increased proportionally.