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Sep 19, 2023 · Definition: Economies of scale are cost advantages that a firm can achieve as it increases its level of output. Example: A large manufacturing company can produce more units of a product at a lower cost per unit compared to a small, local producer. This cost advantage can allow large firms to expand and grow. 2. Market Demand:
Firms play a crucial role in the circular flow of income within an economy. Firms employ different factors of production. This includes employing workers (labour) to produce goods and services. By employing labour, firms pay wages creating a flow of income to households, which ultimately can be spent by households on goods produced by different ...
To make or become wide or wider.... Click for English pronunciations, examples sentences, video.
In practice this means that firms will pursue growth so that they can increase their size and market share, as well as benefitting from economies of scale. He cites a 1980 study by Arthur Francis which seems to support this contention, showing that managers value growth in profit highest (with the rate of return a close second) because it ...
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[intransitive, transitive] to become larger in degree or range; to make something larger in degree or range Another concern is the widening gap between rich and poor. widen something We plan to widen the scope of our existing activities by offering more language courses.
widen. From Longman Dictionary of Contemporary English wid‧en /ˈwaɪdn/ verb 1 [intransitive, transitive] to become wider, or to make something wider OPP narrow They’re widening the road. The river widens and splits. 2 [intransitive, transitive] to become larger in degree or range, or to make something do this OPP narrow The gap between ...
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WIDEN meaning: 1. to become, or to make something greater in width: 2. to (cause something to) become larger or…. Learn more.
