Question

8. Economies of scale are of two
kinds:​

Answer 1

Answer:

There are two types of economies of scale: internal and external economies of scale. Internal economies of scale are firm-specific—or caused internally—while external economies of scale occur based on larger changes outside the firm. Both result in declining marginal costs of production, yet the net effect is the same.

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Answer 2

Explanation:

Ans: Economic systems can be categorized into four main types:

• Traditional economies.
• Command economies.
• Mixed economies
• Market economies.