unit 1 - introduction to business
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Last updated 2:05 PM on 4/6/26
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4 Terms
1
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economies of scales
a lower cost of production that occurs as a business grows and is able to increase their production efficiency
2
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optimal level
the point where the profit is maximized due to economies of scales
3
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diseconomies of scales
when a business grows so large that the average cost of production increases due to the challenges of remaining efficient
4
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internal economies of scale
those within a business that are generally able to be controlled by the business
