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Extremely small island-states in the world, many of which are former European colonies, are called
Economies of Scale
The savings that organizations achieve through their size of operation, where the expense per produced unit consistently decreases with an upscaling in operation.
Diseconomies of Scale
The phenomenon where production costs per unit increase as a firm's size or output increases beyond a certain point.
U-shaped
A description often used to illustrate how certain economic variables, such as average cost, behave, initially decreasing with increased activity and then increasing.
TVC
Total Variable Cost, which refers to the sum of all costs that vary with the level of output or production, such as raw materials and direct labor costs.
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