facts -English-Economics

Internal and external economies of scale   Internal and external economies of scale      Internal and  external Economies of scale    can significantly contribute to the welfare and economic growth of an economy by enhancing productivity, reducing costs, and improving resource allocation. Here's how these concepts drive welfare and economic growth: 1. Enhancing Productivity and Output. How it Helps: Economies of scale increase production efficiency, enabling firms to produce more goods at lower costs. Economic Growth Impact: Higher productivity leads to greater output, contributing to GDP growth. Example: Large-scale industries like automotive or electronics expand production, boosting national economic output. 2. Lowering Prices for Consumers How it Helps: Reduced production costs allow firms to lower prices, making goods and services more affordable. Economic Growth Impact: Af...

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