Quizlet
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| 1-2 of 2Economies of scale flashcard sets | |||
|---|---|---|---|
| # | Title | Terms | Date |
| 1 | Economies of scaleby ira_tsubaki | 11 terms | November 5, 2007 |
| 2 | Economies of scaleby ira_tsubaki | 11 terms | November 5, 2007 |
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| economies of scale definitions | |||
|---|---|---|---|
| # | Definition | Sets | |
| 1 | factors that cause a producer's average cost per unit to fall as output rises | 13 sets | |
| 2 | the phenomenon by which businesses can churn out products more cheaply and quickly as they grow bigger. | 8 sets | |
| 3 | the situation in which companies can reduce their production costs if they can purchase raw materials in bulk; the average cost of goods goes down as production levels increase | 5 sets | |
| 4 | the property whereby long-run average total cost falls as the quantity of output increases | 5 sets | |
| 5 | as businesses grow bigger, they can churn out products more cheaply and quickly | 4 sets | |
| 6 | factors that cause a producers average cost per unit to fall as output rises | 4 sets | |
| 7 | a situation in which goods can be produced more efficiently and cheaply by larger companies. | 4 sets | |
| 8 | as a company produces larger numbers of a particular product, the cost of each of these products goes down | 4 sets | |
| 9 | the property whereby long-run average total cost falls as the quantity of output increases (left-most downward sloping part of the long-run atc) | 4 sets | |
| 10 | when the added benefits of expansion outweigh the added drawbacks | 3 sets | |
| 11 | a situation in which the average cost of production falls as the firm gets larger | 3 sets | |
| 12 | a situation in which long-run average cost decreases as a firm's output increases | 3 sets | |
| 13 | the property whereby long run average total cost falls as the quantity of output increases | 3 sets | |
| 14 | output can be doubled for less than a doubling of cost | 2 sets | |
| 15 | the decrease in per unit costs as the quantity of production increases and all resources are variable | 2 sets | |
| 16 | a situation in which the average cost of production falls as the firm gets larger. | 2 sets | |
| 17 | the situation when a firm's long-run average costs fall as it increase output. | 2 sets | |
| 18 | the reduction in average cost per unit (purchasing, technical, management specialisation) | 2 sets | |
| 19 | a reduction in unit costs brought about especially by increased size of production facilities. | 2 sets | |
| 20 | cost go down as volume/size goes up | 2 sets | |
| 21 | phenomenon that as production increases, the cost of each item produced is often lowered | 2 sets | |
| 22 | forces that reduce a firm's average cost as the firm's size or scale, increases in the long run | 2 sets | |
| 23 | the phenomenon by which businesses can churn out products more cheaply and quickly as they grow bigger | 2 sets | |
| 24 | a situation in which long run average cost decreases as a firm's output increases | 2 sets | |
| 25 | reductions in unit cost achieved by producing a large volume of a product | 2 sets | |
| 26 | reductions in the firm's per-unit costs associated with the use of large plants to produce a large volume of output. | 2 sets | |
| 27 | costs fall as the firm gets benefits from operating at a larger level | 2 sets | |
| 28 | property whereby long-run average total cost falls as quantity of output increases | 2 sets | |
| 29 | decrease in cost of product as a result to large scale production | 1 set | |
| 30 | principle of buying supplies in bulk and producing goods in large quantities to lower production costs and increase profits | 1 set | |
| 31 | producing better products at a lower cost | 1 set | |
| 32 | increases in a firm's capacity and output accompanied by decreases in the firm's ling-run average cost of production. this represents the economies achieved by mass production. | 1 set | |
| 33 | factors that cause a production average to fall as output rises | 1 set | |
| 34 | (media economics) if i produce a book i need to make sell a whole bunch to make it cheaper because it cost a bunch | 1 set | |
| 35 | allow many tncs to make massive profits | 1 set | |
| 36 | corporations make goods more cheaply because they produce so much so quickly using large manufacturing facilities | 1 set | |
| 37 | often large scale productions leads to lower per unit costs | 1 set | |
| 38 | as output increases, the cost of producing each additional unit decreases. (cookie example.) at edgar thompson mill, carnegie used bessemer converter to make larger batches for cheaper prices. | 1 set | |
| 39 | as output increases the cost of producing each additional unit decreases | 1 set | |
| 40 | as production increases, the cost of each item produced is lower | 1 set | |