Economy of scale

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.