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LC Econ Producers

TermDefinition
External economies of scale The factors that lower the average cost of production as the industry grows in size
External diseconomies of scale The factors that cause average cost of production to rise as output expands
Firm The individual unit of business that produces output and sells its product in the market.
Footloose industries Industries where firms can easily locate anywhere.
Industry The group of firms that produce the entire output of a particular good or service.
Internal diseconomies of scale The factors that cause a firm's average cost of production to rise once the firm reaches a certain size.
Internal economies of scale The factors that lower a firm's average cost of production as the firm expands in size.
Market-oriented industries Industries where closeness to the market is more important than access to raw materials. Also called weight-gaining industries.
Optimum size of a firm The most efficient size for a firm
Supply-oriented industries Industries where access to raw materials is more important than closeness to the market. Also called weight-losing industries.
Created by: MrFromholz