Two Essential Elements of a Process Are __________ and a Set

question 35

Short Answer

Two essential elements of a process are __________ and a set of data associated with that code.

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Definitions:

Nonrivalrous Consumption

A consumption characteristic where one individual's use of a good does not reduce availability to others.

Marginal Cost

The cost incurred by producing one additional unit of a good or service.

Simultaneous Consumption

A characteristic of services that indicates they are consumed at the same time as they are produced.

Economies of Scale

Cost advantages reaped by companies when production becomes efficient, as the scale of production and the quantity of output increase.