Define the terms Plant, Firm
Define the following terms?
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1. Plant: physical establishment where production or distribution takes place (factory, farm, store).
2. Firm: business organization that owns and operates the plants. (The legal entity)
3. Industry: a group of related firms, producing the same or similar products.
a. Examples include the automobile industry or the tobacco industry.
b. Confusion often occurs because many businesses are multiproduct firms.
Briefly explain the term Average cost and Marginal cost?
Payments for the use of land, capital and labor are respectively termed as: (w) rent, wages and profits. (x) rent, interest and wages. (y) dues, profits and depreciation. (z) fruit, profits and money. Q : Entrepreneurs and business are at the Explain the statements: Entrepreneurs and business are at the helm of the economy.
Explain the statements: Entrepreneurs and business are at the helm of the economy.
Use the circular flow model to confirm this assertion for an expansion of preschool programs for disadvantaged children?
Can you explain how different government policies with respect to the recycling of aluminum and paper might account for these different market outcomes?
How do households dispose of their income?
What happens to the supply curve when each of these determinants changes?
Why entertainment tax comes in indirect tax? Answer: Since its burden can be shifted to others.
Illustrates how hard it is to define what is “American made” in today’s global economy?
Illustrate the several determinants of demand besides price which affect demand?
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