Examlex
How have new communication technologies and globalization changed the nature of organizations in today's world?
Efficient Scale
The level of production at which a firm can produce its product at the lowest average cost per unit.
Economies of Scale
Economies of scale describe the cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale.
Economies of Scale
Cost advantages reaped by companies when production becomes efficient, as the cost per unit of output decreases with increasing scale.
Specialization of Labor
An economic strategy where individuals or groups focus on producing a limited range of goods or services to increase efficiency and output.
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