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.
Explain how, if at all, each of the following affects the location of the production possibilities curve?
Explain the following from Hull, England a news dispatch: “The fish market here slumped today to what local commentators called a ‘disastrous level’—all because of a shortage of potatoes”.
Why do governments enact trade barriers?
Write short note Economics?
Intermediaries ultimately prosper only when they give a service of decreasing: (1) demand for a good (2) prices paid to manufacturers of a good. (3) transaction costs. (4) rivalry for various types of resources. (5) cut-throat competition into markets
How market system promotes technological improvements?
What persuades new firms to enter in an industry? Answer: Abnormal profit encourages new firms to enter an industry.
Explain how Entrepreneurs are risk-takers?
Give a brief introduction of the term Timing Principle?
Describe four important areas to emphasize Expenditures?
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