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→‎Week 37 - Modern trade theories, trade policy: In economics, internalization can refer to the practice of
(→‎Week 37 - Modern trade theories, trade policy: In economics, internalization can refer to the practice of)
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* '''[[w:Economies of scope|Economies of scope]]''' are conceptually similar to [[w:economies of scale|economies of scale]]. Whereas economies of scale for a firm primarily refers to reductions in the [[w:average cost|average cost]] (cost per unit) associated with increasing the scale of production for a ''single product type'', economies of scope refers to lowering the [[average cost]] for a firm in producing ''two or more'' products.
* '''[[w:Economies of scope|Economies of scope]]''' are conceptually similar to [[w:economies of scale|economies of scale]]. Whereas economies of scale for a firm primarily refers to reductions in the [[w:average cost|average cost]] (cost per unit) associated with increasing the scale of production for a ''single product type'', economies of scope refers to lowering the [[average cost]] for a firm in producing ''two or more'' products.
* In economics, [[w:internalization#Economics and management|internalization]] can refer to the practice of multinational enterprises (MNEs) to execute transactions within their organization rather than relying on an outside market.


== Week 38 - No class, work on report ==
== Week 38 - No class, work on report ==
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