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Explain what economies of scale are and why they have become increasingly common in later years.
Economies of scale - Enhance in fixed factors, but output enhances at a proportionately higher rate than unit costs
a) Technical economies of scale - spreading of fixed costs, improved use of capital
b) Managerial economies of scale - higher efficiency in firms production units by specialisation
c) Purchasing economies - bulk buying, good customer prices
d) Marketing economies of scale - advantages of having broad brand-name recognition
e) Financial economies of scale - larger asset base for security in loans, lower interest
what do you understand by production posibility curve?
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Economic instruments Financial rewards, incentives and penalties that operate automatically via market forces, to encourage beneficial behavior.
Player 2 C B A 1,2 3,2 B 2,3 a, b Player 1
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Inflation is not possible under the gold standard.” Is this statement true, false, or uncertain? Explain your answer.
Rationale of Group Project Group project allows you to pursue authentic learning with your peers, and to apply theories taught in class and textbooks to real world situations.
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