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economies of scale

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assembly line

assembly line  

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Overview Page
A device moving a good being produced, for example a car, past a sequence of workers or machines. As it passes each work-station, a particular task is performed. Tasks may include adding components, ...
barriers to entry

barriers to entry  

Factors that prevent competitors from entering a particular market. These factors may be innocent, e.g. an absolute cost advantage on the part of the firm that dominates the market, or deliberate, ...
contestable market

contestable market  

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A market that has very low barriers to entry and exit; in a perfectly contestable market entry and exit are costless. In such a market potential as well as actual competition is a constraint on what ...
cost minimization

cost minimization  

The behavioural assumption that an individual or firm will seek to purchase a given amount of goods or inputs at the least cost, other things being equal. By making certain assumptions, there will ...
gains from trade

gains from trade  

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Overview Page
The improvement in welfare possible as the result of countries being able to trade with one another, as compared with a position of autarchy. Gains from trade arise from two principal sources. One is ...
globalization strategy

globalization strategy  

A marketing strategy that is standardized for use throughout the world. The strategy assumes that the behaviour of many consumers throughout the world has become very similar. It assumes that members ...
horizontal integration

horizontal integration  

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Overview Page
The combination of two or more companies in the same business, carrying out the same process or production, usually to reduce competition and gain economies of scale. Compare vertical integration.
import substitution

import substitution  

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A strategy for the industrialization of less developed countries (LDCs), of concentrating initially on replacing imports by domestically produced substitutes. This has the advantage that it is ...
increasing returns to scale

increasing returns to scale  

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Overview Page
In a productive process, average productivity increasing with output. This means that increasing all inputs in the same proportion results in a more than proportional increase in output. Formally, ...
industrial organization

industrial organization  

A field of economics that studies market structure and the strategic behaviour of firms, with the focus on imperfect competition. It includes the factors determining which activities are coordinated ...
learning by doing

learning by doing  

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A term applied to describe an increase in a worker's productivity through practice. This concept is used in some endogenous growth models to explain increasing returns to human capital. Except in the ...
mass customization

mass customization  

The ability to create tailored marketing messages or products for individual customers, or a group of similar customers (a bespoke service), while retaining the economies of scale and the capacity of ...
merger

merger  

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A combination of two or more firms into a single new firm. This takes over all the assets and liabilities of the merging firms; shares in the new firm are divided between the shareholders of the ...
multiple shops

multiple shops  

A large chain of shops (usually ten or more) owned by the same retailer. Compared with independent retailers, they benefit from economies of scale and so can charge lower prices to consumers. ...
pecuniary economies

pecuniary economies  

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Economies of scale may be internal or external to a firm. In turn, each of these may be classified as pecuniary or nonpecuniary. Pecuniary internal economies of scale occur when ...
self-financing

self-financing  

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Overview Page
A loan that is to be used to acquire assets that will produce sufficient return to meet the interest obligations and repay the principal.
sole proprietor

sole proprietor  

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Overview Page
An individual who runs an unincorporated business on his or her own. Generally, a sole proprietor of a business is known as a sole trader and a sole proprietor of a professional practice, such as an ...
vertical integration

vertical integration  

The combination of two or more companies at different stages in the value chain. For example, a manufacturer might purchase one of its suppliers or an organization involved in distributing its ...

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