Question

what is economies of scale for 4 marks and give the book reference​

Answer 1

Answer:

Consumers can enjoy lower prices. The economy grows as lower prices stimulate increased demand. Economies of scale give a competitive advantage to large entities over smaller ones. The larger the business, non-profit, or government, the lower its per-unit costs.

Answer 2

Answer:

Great Depression, worldwide economic downturn that began in 1929 and lasted until about 1939. It was the longest and most severe depression ever experienced by the industrialized Western world, sparking fundamental changes in economic institutions, macroeconomic policy, and economic theory.