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external economies of scale

These arise when the entry of new firms into an industry causes the minimum average total cost of all firms in the industry to fall. This can occur if the prices of inputs fall as ...

economies of scale

economies of scale   Reference library

The Handbook of International Financial Terms

Reference type:
Subject Reference
Current Version:
2005

... of scale . The reduction in average costs of undertaking an activity from increased size or level of...

economies of scale

economies of scale   Reference library

Dictionary of the Social Sciences

Reference type:
Subject Reference
Current Version:
2002
Subject:
Social sciences
Length:
142 words

... of scale A situation in which the average cost of production decreases as production increases. Large fixed costs, such as factories, are the usual sources of such economies. The term is sometimes extended to business activities other than production, such as managerial, marketing, and financial activities. Economies of scale that appear at the individual or firm level are called internal economies of scale; economies that appear at the aggregate level are described as external economies. For example, external economies of scale exist where an...

economies of scale

economies of scale   Quick reference

A Dictionary of Geography (5 ed.)

Reference type:
Subject Reference
Current Version:
2015

... of scale The benefits of producing on a large scale: as the volume of production increases, cost per unit article decreases. After a certain volume, this fall in cost will be halted as diseconomies arise, but only at very high levels of production, if at all. Pinch and Henry (1999) Reg. Studs 33 argue that regional specialization is sustained by economies of scale that ‘lock’ regions into particular development paths. Parr (2002) Env. & Plan. A 34 has a classification of internal and external economies of scale...

economies of scale

economies of scale   Quick reference

A Dictionary of Media and Communication (3 ed.)

Reference type:
Subject Reference
Current Version:
2020
Subject:
Media studies
Length:
31 words

... of scale The reduction of costs in the long term through increasing mass production: for example, as a consequence of diagonal integration , horizontal integration , or vertical integration . ...

economies of scale

economies of scale   Quick reference

A Dictionary of Business and Management (6 ed.)

Reference type:
Subject Reference
Current Version:
2016
Subject:
Social sciences, Business and Management
Length:
137 words

... of scale ( scale effect ) Reductions in the average cost of production, and hence in the unit costs, when output is increased. If the average costs of production rise with output, this is known as diseconomies of scale . Economies of scale can enable a producer to offer his product at more competitive prices and thus to capture a larger share of the market. Internal economies of scale occur when better use is made of the factors of production and by using the increased output to pay for a higher proportion of the costs of marketing, financing, and...

economies of scale

economies of scale   Quick reference

A Dictionary of Accounting (5 ed.)

Reference type:
Subject Reference
Current Version:
2016
Subject:
Social sciences, Business and Management
Length:
140 words

... of scale ( scale effect ) Reductions in the average cost of production, and hence in the unit costs, when output is increased. If the average costs of production rise with output, this is known as diseconomies of scale . Economies of scale can enable a producer to offer his or her product at more competitive prices and thus to capture a larger share of the market. Internal economies of scale occur when better use is made of the factors of production and by using the increased output to pay for a higher proportion of the costs of marketing,...

economies of scale

economies of scale   Quick reference

A Dictionary of Human Geography

Reference type:
Subject Reference
Current Version:
2013
Subject:
Social sciences, Human Geography
Length:
93 words

... of scale The cost savings that accrue to a firm or a set of firms from increasing in size. For instance, a firm might be able to produce more goods per unit cost with a large, mechanized factory than with a smaller, labour-intensive plant. Geography enters into economies of scale at the firm and inter-firm levels. The precise location and links between parts of a firm affects its cost base, while the same applies to firms whose activities interlink (e.g. where one firm supplies parts to another). See also diseconomies of scale...

economies of scale

economies of scale   Quick reference

A Dictionary of Economics (5 ed.)

Reference type:
Subject Reference
Current Version:
2017
Subject:
Social sciences, Economics
Length:
187 words

...piece of equipment, or the absence of any individual worker, causes less disruption to production. Against these sources of economies of scale has to be set the increasing difficulty of coordinating and motivating people in larger organizations. How large a firm can become before the problems of scale outweigh the economies varies widely between different industries. Economies of scale which are external to firms, but operate at the national level, arise from similar causes; there is scope for more specialist services in a large economy than in a small...

economies of scale

economies of scale   Quick reference

A Dictionary of Energy Science

Reference type:
Subject Reference
Current Version:
2017

...economies of scale The reduction in costs of manufacturing when the number or size of the goods being produced is increased. A larger output will reduce costs when there is a fixed cost, such as for setting up a machine, irrespective of the number produced. Increasing the size of a product can also give economies when assembly costs remain the same. Larger-scale production may improve operational efficiencies. See also learning curve...

Economies of Scale

Economies of Scale   Reference library

The Oxford Encyclopedia of Economic History

Reference type:
Subject Reference
Current Version:
2005
Subject:
Social sciences, Economics
Length:
1,294 words

...Economies of Scale . A technology may be characterized as exhibiting economies of scale, or increasing returns to scale, if a proportionate increase in all inputs leads to a more than proportionate increase in output. On the cost side, increasing returns are associated with a decreasing average cost curve over some range of output. One may distinguish between scale economies internal to an establishment and those at the industry- or economy-wide level due to economies external to the plant or the firm. Adam Smith , in The Wealth of Nations (Oxford, 1976) ,...

economies of scale

economies of scale   Quick reference

A Dictionary of Human Resource Management (3 ed.)

Reference type:
Subject Reference
Current Version:
2017
Subject:
Social sciences, Business and Management
Length:
104 words

...economies of scale is a concept that describes a situation where an organization can increase its volume of production, but decrease the costs associated with each unit produced due to the standardization of both the goods being produced and the processes associated with their production. The advantages of economies of scale therefore push organizations towards becoming high-volume producers of standardized products and services, for mass consumption ( see Fordism ). An additional effect of economies of scope has been noted by some commentators (see,...

external economies of scale

external economies of scale   Quick reference

A Dictionary of Economics (5 ed.)

Reference type:
Subject Reference
Current Version:
2017
Subject:
Social sciences, Economics
Length:
87 words

...external economies of scale These arise when the entry of new firms into an industry causes the minimum average total cost of all firms in the industry to fall. This can occur if the prices of inputs fall as suppliers of inputs exploit economies of scale as demand for their products increases. Through this mechanism an expansion of the industry (but not of an individual firm) causes minimum average total cost to fall for all firms in the industry. The industry long-run supply curve therefore slopes...

Vertical Integration, Economies of Scale, and Firm Size

Vertical Integration, Economies of Scale, and Firm Size   Reference library

Nina Q. Eichacker

The Oxford Encyclopedia of American Business, Labor, and Economic History

Reference type:
Subject Reference
Current Version:
2013
Subject:
Social sciences, Business and Management, Economics
Length:
1,586 words

...costs as economies of scope. In contrast, he defines economies of scale as the “result when the increased size of a single operating unit producing or distributing a single product reduces the unit cost of production or distribution” (Chandler, 1990 , p. 17). Not all industries are conducive to economies of scale; those most likely include enterprises that have high fixed costs and low variable costs, typically in fields that require some specialized knowledge or large and expensive equipment. Thus, industries resistant to economies of scale—light...

economies of scale

economies of scale noun   Reference library

The Canadian Oxford Dictionary (2 ed.)

Reference type:
English Dictionary
Current Version:
2005
Subject:
English Dictionaries and Thesauri
Length:
13 words
external economies of scale

external economies of scale  

Reference type:
Overview Page
These arise when the entry of new firms into an industry causes the minimum average total cost of all firms in the industry to fall. This can occur if the prices of inputs fall as suppliers of inputs ...
economies of scale

economies of scale  

Reductions in the average cost of production, and hence in the unit costs, when output is increased. If the average costs of production rise with output, this is known as diseconomies of scale. ...
Political Economy

Political Economy   Reference library

An Oxford Companion to the Romantic Age

Reference type:
Subject Reference
Current Version:
2009
Subject:
History, modern history (1700 to 1945), Literature
Length:
5,138 words
Publisher:
Oxford University Press

...of capitalist economies. Unfortunately, all these approaches have imposed something of a teleological straitjacket on the history of political economy that obscures its broader cultural significance, particularly during the late eighteenth and early nineteenth centuries. That other retrospective coinage, the ‘industrial revolution’, has increasingly come to operate more as a piece of excess baggage than as vital explanatory background when interpreting the eighteenth-century emergence of political economy as a new branch of knowledge, capable of guiding...

Industrialization

Industrialization   Reference library

An Oxford Companion to the Romantic Age

Reference type:
Subject Reference
Current Version:
2009
Subject:
History, modern history (1700 to 1945), Literature
Length:
5,380 words
Publisher:
Oxford University Press

...examine some of the broader social aspects of the ‘classic’ century of the industrial revolution we can discern the extent to which earlier preoccupations with an overwhelming and cataclysmic sequence of events have been replaced by a more sophisticated awareness of the complexity of the social response. The received version of the social consequences of the industrial revolution is inseparable from the idea of *population growth. Whatever emphasis is given to the long-term development of the economy, there was a major discontinuity in the form of population...

Agricultural History

Agricultural History   Quick reference

David Hey

The Oxford Companion to Local and Family History (2 ed.)

Reference type:
Subject Reference
Current Version:
2009
Subject:
History, Local and Family History
Length:
4,344 words
Publisher:
Oxford University Press

...of research on the large, cereal ‐growing estates of lowland England, has underplayed the role of pastoral farming. The importance of wool ‐growing has long been accepted, but less emphasis has been placed on the raising and fattening of cattle , which is now recognized to have been the mainstay of the agrarian economy in many parts of northern and western England and much of the rest of the British Isles. By the early 13th century the documentary evidence is sufficient to enable historians to study regions and to observe changes in their economy over...

Family and Society

Family and Society   Quick reference

Ralph Houlbrooke

The Oxford Companion to Local and Family History (2 ed.)

Reference type:
Subject Reference
Current Version:
2009
Subject:
History, Local and Family History
Length:
6,144 words
Publisher:
Oxford University Press

...and Industrial revolutions (See industrial history) took much production out of the home and reduced the importance of the small‐scale family enterprise in the national economy. The growth of the factory , the large commercial farm, and bigger distributional enterprises separated the worlds of home and ‘gainful’ employment for an increasing proportion of the population. The lives of women were profoundly affected by this change. During the phase of proto‐industrialization domestic industry expanded rapidly, and some 18th‐century technological innovations...

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