Figure 24.1Using Figure 24.1, Match the Following

question 113

Short Answer

Figure 24.1Using Figure 24.1, match the following:
-In the Krebs cycle, citric acid is followed by acid.

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Definitions:

Economies Of Scale

They refer to the cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale as fixed costs are spread out over more units of output.

Pin Factory

Illustration by Adam Smith in "The Wealth of Nations" on how division of labor increases productivity, using a pin factory as an example.

Diminishing Returns

The principle stating that if one factor of production is increased while others remain constant, the overall returns will initially increase but there will come a point where the added benefits will start to decrease.

Increasing Returns

An increase in firm’s output by a larger percentage than the percentage increase in its inputs.