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Louis XIV's finance minister,Jean-Baptiste Colbert,was a confirmed mercantilist who believed that France's wealth would increase if it:
Economies of Scale
Refers to the cost advantages that enterprises obtain due to their scale of operation, leading to a reduced cost per unit.
Economies of Scope
Cost advantages that result from a company offering a range of products rather than specializing in just one.
By-product Synergy
The practice of finding valuable uses for waste or by-products generated during the manufacturing process, thereby reducing waste and potentially increasing efficiency and profitability.
Horizontal Brand Extension
A strategy where a brand introduces new products in the same product category.
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