Business, Legal & Accounting Glossary
Economies of scope refer to the ability to produce a multitude of products or product models in a single, flexible facility, cheaper than in various different facilities.
This could be done in part by highly-flexible and versatile programmable automation which would facilitate inexpensive and quick product-to-product changes.
In economies of scope, economies are created by spreading the cost of automation over a variety of products.
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This glossary post was last updated: 28th March, 2020 | 1 Views.