Economies of scale are the cost advantages a company has as a result of increasing its output level.
A community's resource allocation is ultimately determined by a collection of connected processes of production and consumption collectively referred to as an economy. The production and consumption of goods and services in their entirety satisfy the needs of those who live and work there.
Every economy functions under a specific set of conditions and suppositions. The four main categories of economic systems are economy, centrally controlled economies, command economies, and market economies.
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