Economies of scale happens when a production process becomes more efficient. When the firm is small and produces only 10 products, the machine is used inefficiently. As the firm grows and produces more products, it will achieve economies of scale.
- Boris M. Silver Scores Big with Sports Apps on Social NetworksEighteen and entrepreneurial. That is fast becoming the million-dollar mission of kids around the globe. Starting a business is thrilling, impressive and profitable, which makes it all the more enticing to young business owner wannabes. Boris M. Silver is the founder of Sport Interactiva, a maker of sports applications – including Total Sports Fan, Premier League Fantasy Football and Premier League Soccer -- on social networks like Facebook and Bebo. In this podcast, Silver talks about starting Sport Interactiva, which he sold in 2008, and the value of working for a small business.