--%>
Assignment Help - homework help

Define the terms Plant, Firm

Define the following terms?

E

Expert

Verified

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.

   Related Questions in Business Economics

  • Q : Speculators activities over the long-run

    Over the long-run the speculators activities are tend to: (1) decrease the volatility of prices. (2) attract legal attention and result in imprisonment. (3) increase the level and volatility of prices both. (4) yield tremendous profits and raise costs

    		•
  • Q : Economics chapter 1 Suppose that on the

    Suppose that on the basis of a nation's production curve, an economy must sacrifice 10,000 pizzas domestically to get the 1 additional industrial robot it desires but that it can get the robot from another country in exchange for 9,000 pizzas. Relate this information to the following statement: "Thr

    		•
  • Q : International trade to the U.S. economy

    How important is international trade to the U.S. economy?  In terms of volume, does the United States trade more with industrially advanced economies or with developing economies? What country is the United States’ most important trading partner, quantitati

    		•
  • Q : Ambrose’s budget constraint Question:

    Question: Ambrose consumes two goods, peanuts (x1 ) and a composite good (x2). He has a utility functionU = 4 √x1 + x2. This means his MU1 = 2/ √x1 an

    		•
  • Q : Cooperative and non-cooperative outcome

    Question: Cineplex and AMC are two rival movie theatre chains. They must each decide whether to set an admission price of $10 or set an admission price of $12; of course, the number of movie goers (and thus their r

    		•
  • Q : Describe the output effects of Inflation

    Describe the output effects of Inflation?

    		•
  • Q : Why Trade barriers hurt American

    Why Trade barriers hurt American consumers?

    		•
  • Q : What are the determinants of demand

    What are the determinants of demand?

    		•
  • Q : Distribution of endowments 1. We have

    1. We have discussed the importance of resource endowments and institutions for an economy's successful development. a. In this game, what are the resources that make up the endowments, and what defines a given player's endowment o

    		•
  • Q : Introduction of the term Financial

    Give a brief introduction of the term Financial Leverage?

    		•