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 | 16 sets | |
| 2 | the property whereby long-run average total cost falls as the quantity of output increases | 8 sets | |
| 3 | the phenomenon by which businesses can churn out products more cheaply and quickly as they grow bigger. | 8 sets | |
| 4 | 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 | |
| 5 | as businesses grow bigger, they can churn out products more cheaply and quickly | 4 sets | |
| 6 | as a company produces larger numbers of a particular product, the cost of each of these products goes down | 4 sets | |
| 7 | factors that cause a producers average cost per unit to fall as output rises | 4 sets | |
| 8 | a situation in which goods can be produced more efficiently and cheaply by larger companies. | 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 | a situation in which long-run average cost decreases as a firm's output increases | 3 sets | |
| 11 | a situation in which the average cost of production falls as the firm gets larger | 3 sets | |
| 12 | when the added benefits of expansion outweigh the added drawbacks | 3 sets | |
| 13 | the property whereby long run average total cost falls as the quantity of output increases | 3 sets | |
| 14 | a situation in which the average cost of production falls as the firm gets larger. | 2 sets | |
| 15 | output can be doubled for less than a doubling of cost | 2 sets | |
| 16 | cost go down as volume/size goes up | 2 sets | |
| 17 | forces that reduce a firm's average cost as the firm's size or scale, increases in the long run | 2 sets | |
| 18 | reductions in unit cost achieved by producing a large volume of a product | 2 sets | |
| 19 | a reduction in unit costs brought about especially by increased size of production facilities. | 2 sets | |
| 20 | the situation when a firm's long-run average costs fall as it increase output. | 2 sets | |
| 21 | the phenomenon by which businesses can churn out products more cheaply and quickly as they grow bigger | 2 sets | |
| 22 | the decrease in per unit costs as the quantity of production increases and all resources are variable | 2 sets | |
| 23 | phenomenon that as production increases, the cost of each item produced is often lowered | 2 sets | |
| 24 | as production increases, the cost of each item produced is lower | 2 sets | |
| 25 | a situation in which long run average cost decreases as a firm's output increases | 2 sets | |
| 26 | result when unit costs go down as production quantities increase | 2 sets | |
| 27 | reductions in the firm's per-unit costs associated with the use of large plants to produce a large volume of output. | 2 sets | |
| 28 | property whereby long-run average total cost falls as quantity of output increases | 2 sets | |
| 29 | cost advantages associated with large operations | 2 sets | |
| 30 | costs fall as the firm gets benefits from operating at a larger level | 2 sets | |
| 31 | a concept from economics that cost per unit goes down as the production volume increases | 2 sets | |
| 32 | the reduction in average cost per unit (purchasing, technical, management specialisation) | 2 sets | |
| 33 | economies of scale, in microeconomics, are the cost advantages that a business obtains due to expansion. they are factors that cause a producer's average cost per unit to fall as scale is increased. economies of scale is a long run concept and refers to reductions in unit cost as the size of a facility, or scale, increases. diseconomies of scale are the opposite. | 1 set | |
| 34 | principle of buying supplies in bulk and producing goods in large quantities to lower production costs and increase profits | 1 set | |
| 35 | situation in which the average cost of production falls as the firm gets larger | 1 set | |
| 36 | concept that relative cost declines as the size of the endeavor grows | 1 set | |
| 37 | increasingly efficient use of personnel, plan, and equipment as a firm becomes larger | 1 set | |
| 38 | a condition in which, because of the level of resources needed, the cost of producing each unit of a product declines as the total number of units produced increases. | 1 set | |
| 39 | (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 | |
| 40 | a concept from economics that cost per unit goes down as the production volume increases. | 1 set | |