--%>
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 : Advantage and disadvantage of Sole

    Illustrate the advantage and disadvantage of Sole proprietorship?

    		•
  • Q : Utilitarianism of Jeremy Bentham The

    The utilitarianism of Jeremy Bentham is generally closely akin to the philosophies of: (1) Epicurianism and hedonism. (2) pragmatism and instrumentalism. (3) asceticism and stoicism. (4) dialecticism and materialism. (5) fundamentalism and predestinat

    		•
  • Q : How can we evaluate cost of capital How

    How can we evaluate cost of capital?

    		•
  • Q : Advantages rising from division of

    Adam Smith known three advantages rising from divisions of labor which would lead to greater economic wealth that did not include the concept that the division of labor: (w) helps every worker refine specialized skill

    		•
  • Q : Explain about the successful speculation

    Successful speculation tends to: (1) generate inflationary pressure. (2) assist stabilize relative prices. (3) reduce the incomes of the eventual producers of goods. (4) make relative prices more volatile. (5) increase the risk born through the eventu

    		•
  • Q : Several determinants of demand besides

    Illustrate the several determinants of demand besides price which affect demand?

    		•
  • 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 : What do you mean by Financial Linkages

    What do you mean by Financial Linkages in U.S. and World Trade?

    		•
  • Q : Introduction of the term Financial

    Give a brief introduction of the term Financial Leverage?

    		•
  • Q : Production Possibility Curve Production

    Production Possibility Curve: Similar to the individuals, a society as entire has restricted resources. It has to decide what to manufacture with restricted resource

    		•