Difference between Economies of Scale and Economies of Scope

Economies of Scale refer to the cost advantage experienced by a firm when it increases its level

Economies of Scale occur when the production costs on a per-unit basis decline as the output increases, resulting in cost savings and higher profit margins

the king of war As a business grows, it can experience economies of scale close economies of scale Where the average costs fall as the

power of thor Economies of scale are the cost advantages that an enterprise gets when it increases the size of its operations