Once an Industry Becomes Established in a Certain Area Firms

question 110

Multiple Choice

Once an industry becomes established in a certain area firms that locate in that area gain advantages over firms located elsewhere,leading to lower costs of production.Economists refer to the lower costs that result from increases in the size of an industry in a certain area as

• A)external economies.
• B)positive externalities.
• C)strategic advantages.
• D)technological change.

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Definitions:

Understudy Assignment

A development technique where a less experienced employee is assigned to closely shadow a more experienced one to learn their role.

Supervisor's Job

The role that entails overseeing and directing employees or a team to ensure tasks and goals are achieved efficiently.

Grooming

The process of making oneself clean and neat or preparing someone else for a specific role or activity.