Performance Objectives:
At the end of this lesson, you should be able to:
- Explain the meaning of division of labour and specialization
- Identify the advantages and disadvantages of division of labour
- Explain the concepts of scale of production
- Explain economics of scale
- List the types of economics of scale
- State the meaning of Internal economies of scaleIn microeconomics, economies of scale are the cost advantages that enterprises obtain due to their scale of operation and are typically measured by the amount of output produced per unit of... More
- Discuss the advantages of internal economics of scaleÂ
- Discuss the diseconomies of scale (disadvantages of large scale production)
- State the meaning of external economies of scale
- Discuss the merits of large scale production
- Discuss the external diseconomies of scale
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