external economies refer to the

Assessment: WAEC SSCE - Economics - 1998 (Objective) Subject: Economics

Question 1 Report

external economies refer to the
Answer Details
External economies refer to the cost-saving advantage that a firm enjoys when being close to other firms in the same industry. This means that a firm can benefit from the shared infrastructure, technology, and skilled labor that are available in the area, leading to lower production costs and higher productivity. It can also result in the growth of the industry in the area, attracting more suppliers, customers, and investors.
Read lesson note on The Theory Of Supply (JAMB)
Read lesson note on The Theory Of Price Determination (JAMB)
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