Firms

2. ________________ of scale are those factors which lead to an increase in the unit cost of production of a firm when it expands too much.
4. Being exposed to less risks of falling revenue when sales of a product is declining in a particular market is termed as __________________ economies.
6. The ability to employ specialist staff to work in the business is known as _______________ economies.
9. The option of expanding through integration with another business is termed as ____________ growth.
10. It describes an organisation which produces a good or service.
15. The strategy through which a firm expands by opening new branches in other regions is known was __________ growth.
16. Integrating with a business in a completely different industry is known as _______________ integration.
17. Integrating with a business in the same industry and at the same stage of production is called ________________ integration.

1. Integrating with a business in the same industry but at a different stage of production is termed as ______________ integration.
3. It is when two firms agree to join together and combine resources.
5. It is when a firm buys out the majority of shares in another company and becomes the controlling owner of that organisation.
7. Buying supplies in bulk and enjoying large trade discounts from the supplier is known as ________________ economies.
8. Being able to use sophisticated, high-tech machines in production to increase efficiency is referred to as ____________ economies.
11. It refers to the proportion of sales of a firm out of an industry's total sales.
12. The ease of obtaining loans easily from banks due to the high status of the firm is known as ______________ economies.
13. It is a collection of organisations which produce similar products.
14. Being able to afford large-scale advertising for a large number of output is called _______________ economies.