Difference between revisions of "Economy of scale"
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| − | [[ | + | [[Economy of scale]] is when the average cost of producing each individual unit declines as total output increases. |
==Definitions== | ==Definitions== | ||
| − | According to [[Principles of Economics by Timothy Taylor (3rd edition)]] | + | According to [[Principles of Economics by Timothy Taylor (3rd edition)]], |
| − | + | :[[Economies of scale]]. When the average cost of producing each individual unit declines as total output increases. | |
| + | According to the [[Corporate Strategy by Lynch (4th edition)]], | ||
| + | :[[Empowerment]]. The devolution of power and decision-making responsibility to those lower in the organization. | ||
| − | + | [[Category: Articles]][[Category: Strategic Management]] | |
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Latest revision as of 16:49, 10 July 2020
Economy of scale is when the average cost of producing each individual unit declines as total output increases.
Definitions
According to Principles of Economics by Timothy Taylor (3rd edition),
- Economies of scale. When the average cost of producing each individual unit declines as total output increases.
According to the Corporate Strategy by Lynch (4th edition),
- Empowerment. The devolution of power and decision-making responsibility to those lower in the organization.
