the producer Word Scramble
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| Term | Definition |
| internal economies of scale | the factors that lower the average cost of production within a firm as it grows in size. |
| internal dis-economies of scale | factors which increase the average cost of production as the firm grows in size. |
| external economies of scale | factors which lower the average cost of production as the industry grows in size |
| external dis-economies of scale | factors which increase the average cost of production as the industry grows in size. |
| firm | the individual unit of business that produces output and sells its product on the market. |
| footloose industries | industries that are not fixed on a particular location or premises. |
| industry | the group of firms which produce the entire output for a particular good or service. |
| market orientated industries | industries that prioritize being located near to the market of a particular good ot service (weight gaining industries) |
| supply orientated industries | industries that prioritize being located near particular raw materials.(weight loosing industries) |
| optimum size of a firm | the most efficient size of a firm,where its average cost is at a minimum. |
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jmartineconomics
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