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Economies of scale is related to and can easily be confused with the theoretical economic notion of returns to scale. Where economies of scale refer to a firm's costs, returns to scale describe the relationship between inputs and outputs in a long-run (all inputs variable) production function.
Largest economies in the world by GDP (nominal) in 2024 according to International Monetary Fund estimates [n 1] [1] *The EU is an economic union, separate member of the WTO and includes Germany, France and Italy on this chart.
The first set of data on the left columns of the table includes estimates for the year 2023 made for each economy of the 196 economies (189 U.N. member states and 7 areas of Aruba, Hong Kong, Kosovo, Macau, Palestine, Puerto Rico, and Taiwan) covered by the International Monetary Fund (IMF)'s International Financial Statistics (IFS) database ...
The gross world product (GWP), also known as gross world income (GWI), [1] is the combined gross national income (previously, the "gross national product") of all the countries in the world. Because imports and exports balance exactly when considering the whole world, this also equals the total global gross domestic product (GDP).
World GDP per capita between 1500 and 2000 (log scale) World GDP per capita between 1500 and 2003 GDP increase, 1990–1998 and 1990–2006, in major countries. Unemployment rate: 8.7% (2009 est.). 30% (2007 est.) combined unemployment and underemployment in many non-industrialized countries; developed countries typically 4%–12% unemployment.
The 2023 Index of Economic Freedom, published by The Heritage Foundation and The Wall Street Journal [1]. This article includes a partial list of countries by economic freedom that shows the top 50 highest ranking countries and regions from two reports on economic freedom.
Economies of scale is also a justification for economic integration, since some economies of scale may require a larger market than is possible within a particular country — for example, it would not be efficient for Liechtenstein to have its own car maker, if they would only sell to their local market. A lone car maker may be profitable ...
If only diseconomies of scale existed, then the long-run average cost-minimizing firm size would be one worker, producing the minimal possible level of output. However, economies of scale also apply, which state that large firms can have lower per-unit costs due to buying at bulk discounts (components, insurance, real estate, advertising, etc.) and can also limit competition by buying out ...