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the producer

chapter 4

TermDefinition
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.
Created by: jmartineconomics
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