"Economies of scale can be achieved by international expansion because a company can lower its average unit cost, better utilize its production facilities, and increase its bargaining power with suppliers."
An economy includes all activities involved in the production, consumption, and trade of goods and services within an entity, whether that entity is a country or a small city.
No two economies are alike. Each is trained according to his or her own resources, culture, law, history, and geography. Essentially, economies work by distributing scarce resources among individuals and institutions.
A series of markets where goods and services are traded, backed by capital, come together to form an economy. These networks exist at the local, national and international levels.
With a GDP of $23 trillion, the United States is by far the world's top economy in this ranking for 2021. It is followed by China in second place with a GDP of $17.7 trillion. Canada is also far ahead in international comparisons and ranks 9th in this ranking.
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