Economics- Edexcel 3.3.3
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| show | all factors of production are variable and the scale of production can change in the long run
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| Returns to scale | show 🗑
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| Increasing returns to scale | show 🗑
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| Decreasing returns to scale | show 🗑
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| Constant returns to scale | show 🗑
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| show | Replacing workers with machines in a bid to increase productivity and reduce the unit cost of production
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| show | unit cost advantages from expanding the scale of production in the long run
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| show | technical economies, purchasing economies, managerial economies, financial economies, risk-bearing economies, network economies
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| show | networks of suppliers / customers with a low marginal cost of adding users
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| What do risk-bearing economies arise from? | show 🗑
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| show | gains in productivity/efficiency from scaling up long-run production
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| show | when a company cuts costs internally, so they're unique to that particular firm
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| Container principle | show 🗑
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| Experience curves | show 🗑
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| Purchasing economies | show 🗑
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| show | lower LRAC, increased profits, positive impacts on share price, retained profits, larger business scale
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| Potential benefits to consumers from businesses utilising economies of scale | show 🗑
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| Possible disadvantages to consumers from economies of scale | show 🗑
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| External economies of scale | show 🗑
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| Effect of external economies of scale | show 🗑
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| Examples of external economies of scale | show 🗑
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| show | increases in the unit cost of supply in the long run due to decreasing returns to scale
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| show | rise in LRAC, expansion beyond optimum size and lost productive efficiency, reduced profits
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| show | scale of production where all the internal economies of scale have been fully exploited
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| MES | show 🗑
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| show | lowest point on a firm’s LRAC where average cost meets marginal cost
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| show | low so there is room for many businesses to compete
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| MES is likely to be low or high relative to the size of market demand in a natural monopoly? | show 🗑
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| 3 causes of an industry having a high MES | show 🗑
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| Examples of markets with high MES | show 🗑
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| show | cafes, coffee shops, hotels, dry cleaners
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