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Discuss the process of triangulation.
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.
Industry Size
A measure of the total production or the total number of participants in a particular industry or market.
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