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To increase in size, number, or scope, such as a business growing its operations or a market increasing its reach.
Internal Economies
Cost-saving measures that arise from the expansion of a firm, affecting the production process internally.
External Economies
Benefits that a firm obtains due to the actions of others or external factors, leading to reduced costs.
External Economies of Scale
Cost advantages that a firm obtains due to the expansion of the industry in which it operates, but not due to its own expansion.
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