Explain what causes economies of scale. Define economic models and provide a current real-life example. What are the three types of financial management decisions? For each type of a decision, give an example of a business transaction that would be relevant. ...
Explain the different budgetary types and identify the main characteristics of each. Discuss the difference between the learning curve and economies of scale. What do economists mean when they use the term "difference of differences?" What are the five needs identified in Maslow'...
These types of industries cannot fully benefit from economies of scale, because even at substantial size, high variable costs prevent these firms from reducing their average total cost per unit, even as output increases, Handy says. Thus, industries that operate with high fixed costs and enjoy ...
Explain the concept of economic cost. What types of economic costs are there? Describe the different types of financial markets that exist and how they are related to monetary economics. Describe the basic differences between a capitalist economy and a socialist economy, and how many economies are...
depend on the type of economic system. The three basic types of economic systems: • Market economies (or capitalist economies or free enterprise economies) • Planned economies (or command economies) • Mixed economies • Take 2 min and brainstorm words you ...
industry in this type of economy. A traditional economy is led by customs and beliefs that impact the way the economy runs, and, often, traditional economies are tied to high poverty levels. Sometimes these types of economies morph into one of the other types over time and break the poverty...
In an increasingly borderless world impacted by a globalization of economies, the preservation of cultural diversity feeds contrary and controversial reactions. For instance,Cowen (2002)contends that while changes and potential losses imposed by globalization on local and traditional cultures, ...
Economies of scale can beinternal or externaldepending on whether the changes originate from within the company or outside it. Some types of economies of scale include technical economies that affect the process or technology, purchasing economies that buy in bulk, and financial economies that ...
Internal and External Economies of Scale: An Overview An economy of scale is a microeconomic term that refers to factors driving production costs down while increasing the volume of output. There are two types ofeconomies of scale: internal and external economies of scale. ...
Emerging economies tend to have a higher amount of economic activity and employment concentrated within the primary sector versus more advanced economies. On the other hand, developed nations tend to utilize machinery and technology in their primary sector activities, meaning the primary sector doesn't...