What is another word for economy of scale?
Pronunciation: [ɪkˈɒnəmi ɒv skˈe͡ɪl] (IPA) 
Economy of scale refers to a situation where the cost per unit of production reduces as the level of output increases. There are several other expressions that can be used to describe what economy of scale means, such as cost advantages of mass production, mass production efficiency, mass production advantage, and production cost savings. Other related terms include economies of scope, which describes the decrease in average costs when a firm increases its product range, and diseconomies of scale, which refers to the situation where the cost per unit of production increases as the level of output increases. It is vital for businesses to understand these terms to maximize production efficiency and minimize cost.
