{"id":29591,"date":"2015-04-25T16:51:52","date_gmt":"2015-04-25T16:51:52","guid":{"rendered":"http:\/\/vskills.in\/certification\/blog\/?p=29591"},"modified":"2024-04-03T13:16:35","modified_gmt":"2024-04-03T07:46:35","slug":"economies-of-scope","status":"publish","type":"post","link":"https:\/\/www.vskills.in\/certification\/blog\/economies-of-scope\/","title":{"rendered":"Economies of scope"},"content":{"rendered":"<p style=\"text-align: center;\"><a ref=\"magnificPopup\" href=\"http:\/\/vskills.in\/certification\/blog\/wp-content\/uploads\/2015\/04\/Economies-of-scope.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-29604\" src=\"http:\/\/vskills.in\/certification\/blog\/wp-content\/uploads\/2015\/04\/Economies-of-scope.jpg\" alt=\"Economies of scope\" width=\"207\" height=\"243\" \/><\/a><\/p>\n<p>This is usually taught that once we use a thing, before throwing we should think, how could it be recycled or we can bring the same thing again into use. This way, we can save our extra costs.<\/p>\n<p>In business also, rather than producing different goods separately by specialised producers, we can be more cost effective if we merge the firms and produce those different goods under a single roof i.e, resources that are used in the production of one good can be used in the other goods too. Economies of scope do not mean that it is beneficial for a firm to produce different goods rather than one single good. It just means that it is profitable for the firms to merge rather than individually producing goods at their own respective costs.<\/p>\n<p>But the merging of firms is possible only when factor inputs can be reused and assets could be shared.<\/p>\n<p>Economies of scope have a completely different meaning from what is conveyed by the economies of scale. Economies of scale focus only on one product. It specifies an inverse relation between the average cost of a good and the level of output.<\/p>\n<p><a href=\"http:\/\/www.vskills.in\/certification\/accounting-banking-and-finance\">Click here for government certification in Accounting, Banking &amp; Finance<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This is usually taught that once we use a thing, before throwing we should think, how could it be recycled or we can bring the same thing again into use. This way, we can save our extra costs. In business also, rather than producing different goods separately by specialised producers, we can be more cost&#8230;<\/p>\n","protected":false},"author":470,"featured_media":29604,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_joinchat":[],"footnotes":""},"categories":[1519],"tags":[2132,3408,2874],"class_list":["post-29591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting-banking-and-finance","tag-cost","tag-economies-of-scope","tag-goods"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Economies of scope - Vskills Blog<\/title>\n<meta name=\"description\" content=\"Economies of scope; the concept i the simplese way. Apply for a Vskills certification in Accounting, Banking and Finance now. 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