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Externalities – Explained + Examples

March 14, 2023March 14, 2023 Young Entrepreneur benefits, consumption, costs, economic activity, economy, education, Externalities, Externality, factory, governments, internalize, intervene, market failure, market price, negative externalities, policies, pollution, positive externalities, price, production, regulations, society, subsidies, taxes, too little, too much, true social benefit, true social cost, unintended consequences

Externalities are costs or benefits that are not reflected in the price of a good or service, but instead are

Economies of Scale – Explained + Examples

March 3, 2023March 3, 2023 Young Entrepreneur average cost, bulk, businesses, communication breakdowns, competitiveness, competitors, cost advantages, cost per unit, Diseconomies of scale, Economies of scale, economies of scope, efficiency, efficient equipment, equipment, facilities, factory, fixed costs, healthcare provider, improve competitiveness, increase efficiency, industries, large retailer, large volume, level of production, logistical challenges, lower cost, lower prices, management, management inefficiencies, market share, medical equipment, multiple locations, negotiate, operations, optimization, patient, processes, reduce costs, resources, software, suppliers, technology company, unit of production

Economies of scale refer to the phenomenon where the cost of producing a unit of output decreases as the scale