Resize Graphic Layer base on the scale of the map

[Greta]

I would like to change the size of my graphic layer base on the scale. For example, I change the scale to 1:500,000 the graphic layer resize according to the scale (graph and label change to a small size).

Thanks

Greta

[JayantaPoddar]

Change the appearance of a graphics layer 

"Define the Reference Scale value to determine at which scale the graphics layer appears at the intended size. When this property is set, changes in scale result in graphic elements changing size relative to surrounding features. You can also set a custom scale, or choose <None> to stop applying a reference scale."