Economies of Large Scale Production Homework Help

Economies of Large Scale Production Meaning

The scale of production signifies to the aspects used the quantities of commodities manufactured and the methods of production implemented by a producer. As production increases, with the enhancement in the quantities of labour, land, and capital, and thus the scale of production also increase.

Production can be done either on a small scale or on a large scale by concern. When a concern works by using less capital and small quantity of other aspects of production, then the scale of production is called as small scale of production.

On the other hand, a firm taking more capital and larger quantity of other aspects, then it is called as operating on large scale or large scale of production. The scale of production of any industry expands with increment in number of firms in the industry, and with the increase in the size of the firms included in it.

Economies of Large Scale Production

Economies of large scale production have been divided by Marshall into Internal and External Economies. Internal economies are inside or internal to a firm when its costs of production are decreased and output increases. They result from an augment in scale of output of the firm and cannot be accomplished unless output increases.            

External economies are exterior or external to a firm which is accessible to it when the output of the entire industry intensifies with the development of the industry itself. They are not monopolized by a sole firm when it develops in size but are conferred on it when other firms grew bigger.”

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