External economies of scale occur when cost per unit of output depends on the size of the industry. They are cost-saving benefits of large-scale operations arising from outside the business.
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Internal economies of scale occur when the cost per unit of output depends on the size of a firm. By operating on a larger scale, a business can reduce its average costs of production.
Economies of scale mean reductions in a firm’s unit cost of production, or the Average Cost (AC) as the business grows increasing in size.
The term scale of operations simply means the size of business operations measured by the business's maximum output.
Expanding the business has many benefits for the owners. Let’s take a look at the most important reasons why the owners may want to grow their businesses.
Overall, it is important to find the right balance between ethics and profit because the business has long-term interests of acting ethically.
When it comes to buying products, I take ethics and business ethics very seriously into consideration.
Despite having the most delicious-looking fruits in reasonable prices, he did not treat other people with honesty.
Although business ethics is not always enforced by law, it has a vital role to play in business decision-making.
Similar to economic decisions and political decisions, the legal issues also have a huge impact upon the regulation of markets, businesses and customers.
The politics and regulations of businesses have tremendous influence on firms, customers and competitiveness on the market.
A business is sustainable when it contributes towards the economic growth of the country making profits while obeying the law, being ethical and environmentally friendly.
Some businesses are more environmentally friendly than other businesses.
Pressure groups are organizations created by people with a common interest, who join together to put pressure in order to change something.
Governments use different kinds of measures to limit the negative effects of business activity on the natural environment.
An environmental audit evaluates the impact of business’s activities on the natural environment.