Economics for People
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The Role of Business in the Economy

WEEK 4

Consumers and Business

The role of business in the economy

You will learn about:
  • Efficiency and the production process
    •           productivity
    •           internal and external economies of scale
    •           diseconomies of scale

You will learn to:
Examine economic issues
  • compare and contrast the ways that different economies deal with specific problems or issues
Apply economic skills
  • identify bias in media items on economic issues affecting the local, state and national economies

Drivers of Globalisation

Economies of Scale

LEARNING INTENTION:
  • Be able to define, explain and calculate using internal and external economies of scale.
​SUCCEED BY:
Using the notes from Riley’s text (Ch. 5) go to p.89 and read about internal and external economies of scale.
* Answer the questions on p. 92:
Using the notes from Riley’s text (Ch. 5) go to p.89 and read about internal and external economies of scale.
* Answer the questions on p. 92:
1.           Define an economy of scale. Distinguish between an economy and a diseconomy of scale.
2.           Why do economies and diseconomies of scale occur in the long run? Draw a diagram of the long run average cost curve to illustrate the relationship between output and average cost. Mark in the point of technical optimum, and economies and diseconomies of scale on the diagram.
3.           Explain the difference between internal economies of scale and internal diseconomies of scale. What are some possible causes of internal economies and diseconomies of scale?
4.           Explain the difference between external economies of scale and external diseconomies of scale. What are some possible causes of each? Draw a diagram to illustrate how external economies and diseconomies of scale can arise in production.
5.           Explain the difference between increasing, constant and decreasing returns to scale.

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  • Home
  • Assessment
    • Y11
    • Y12
  • FOR TEACHERS
  • Preliminary
    • THE ECONOMICS OF EVERYTHING >
      • WEEK 1
      • WEEK 2
      • WEEK 3
      • WEEK 4
      • WEEK 5
      • WEEK 6
      • WEEK 7
      • WEEK 8
      • WEEK 9
      • WEEK 10
      • WEEK 11
    • CURIOUS CHOICES >
      • WEEK 1
      • WEEK 2
      • WEEK 3
      • WEEK 4
      • WEEK 5
      • WEEK 6
      • WEEK 7
      • WEEK 8
      • WEEK 9
      • WEEK 10
    • THE WORLD IS NOT FLAT >
      • WEEK 1
      • WEEK 2
      • WEEK 3
      • WEEK 4
      • WEEK 5
      • WEEK 6
    • TO INFINITY AND BEYOND >
      • LABOUR MARKET INSTITUTIONS
  • HSC
    • THE GLOBAL ECONOMY >
      • INTEGRATION
      • TRADE
      • ECO DEVELOPMENT
    • AUSTRALIA'S PLACE IN THE GLOBAL ECONOMY >
      • AUS TRADE & FIN FLOWS
      • EXCHANGE RATES
      • PROTECTION IN AUS
    • ECONOMIC ISSUES >
      • ECONOMIC GROWTH
      • UNEMPLOYMENT
      • INFLATION
      • EXTERNAL STABILITY
      • INCOME & WEALTH
      • ENVIRONMENT
    • ECO POL & MMENT >
      • OBJECTIVES
      • FISCAL POLICY
      • MONETARY POLICY
      • MICRO POLICIES
      • LABOUR MKT POLICIES
      • ENVIRONMENTAL POLICY
      • LIMITATIONS
  • Contact