Describe "external economies" in your own words.

hope you like it brainliest must

Explanation:

External economies of scale are business-enhancing factors that occur outside a company but within the same industry. In addition to lower production and operating costs, external economies of scale may also reduce a company's variable costs per unit because of operational efficiencies and synergies. External economies refer to all those benefits which accrue to all the firms operating in a given industry. Generally, these economies accrue due to the expansion of industry and other facilities expanded by the government.