External economies occur when

Assessment: WAEC SSCE - Economics - 1988 (Objective) Subject: Economics

Question 1 Report

External economies occur when
Answer Details
External economies refer to the benefits that firms in a particular industry or location enjoy due to the presence of other firms in the same industry or location. Specifically, external economies occur when firms in an industry or location experience cost savings or increased efficiency as a result of factors outside of their control, such as a concentration of skilled labor, specialized suppliers, or infrastructure. Therefore, of the given options, external economies occur when firms compromising an industry are concentrated in one area.
Read lesson note on Methods And Tools Of Economic Analysis (JAMB)
Read lesson note on Factors Of Production And Their Theories (JAMB)
View Answer

Related Questions

1

'Economics is a science which studies human behaviours as a relationship between ends and scarce means which have alternative uses. 'Ends' her refers to
2

in any economic system , which of the following is not an economic problem?
3

Into which of these organization would you classify the International Monetary Fund (IMF) ?
4

A review of occupational distribution of population from time to time helps us to know the
5

In which of the following economics system is the consumer referred to as ‘The King’?
6

A normal demand curve is
7

The equilibrium position of a firm is attained
8

The price of a commodity is determined by the

Download The App On Google Playstore

Everything you need to excel in your exams

Green Bridge CBT Mobile App
Personalized AI Learning Chat Assistant
200,000+ Exam Questions Across IGCSE, JAMB, WAEC & NECO
Over 3,900 Lesson Notes
Offline Support - Learn Anytime, Anywhere
Green Bridge Timetable
Literature Summaries & Potential Questions
Track Your Performance & Progress
In-depth Explanations for Comprehensive Learning