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INCREASING RETURNS TO SCALE: A given proportionate increase in all resources in the long run results in a proportionately greater increase in production. Increasing returns to scale exists if a firm increases ALL resources -- labor, capital, and other inputs -- by 10%, and output increases by more than 10%. You might want to compare decreasing returns to scale and constant returns to scale.

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FACTORS OF PRODUCTION

Labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Factors of production are also termed resources or scarce resources.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a wall poster commemorating the 2000 Presidential election or a rechargeable flashlight. Be on the lookout for vindictive digital clocks with revenge on their minds.
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Two and a half gallons of oil are needed to produce one automobile tire.
"I believe that every right implies a responsibility, every opportunity, an obligation, every possession, a duty. "

-- John D. Rockefeller, industrialist

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