In 1776 in the Wealth of Nations,Adam Smith Noted Three

question 74

Short Answer

In 1776 in the Wealth of Nations,Adam Smith noted three advantages of economies of scale: ___________________;_________________________;and ______________________.

---

Definitions:

Income Sharing Ratio

The proportion or percentage in which partners in a business agree to distribute the profits and losses among themselves.

Capital Balances

This term refers to the amounts of money partners in a partnership have contributed or that represents their share of ownership.

Replacement Cost

The current cost of replacing an asset with a similar new asset in terms of capability and function.

Inventory

The total amount of goods and materials held by a company for the purpose of resale or production.