--%>
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 : Self-interested motivation to underpin

    Adam Smith’s perception which self-interested motives underpin even charitable activities through apparently selfless people appeared originally into his primary major book that was entitled: (1) Theory of Moral Sentiments [1755]. (2) Leviathan

    		•
  • Q : Illustrate Scarcity and choice of

    Illustrate Scarcity and choice of Economic Perspective?

    		•
  • Q : Maximizes profits in a perfectly

    Which of the given is not true for a firm within perfect competition: w) Profit equivalents total revenue minus total cost. x) Price equivalents average revenue. y) Average revenue is greater than marginal revenue. z) Marginal revenue equivalents the

    		•
  • Q : Describe the duty of bondholders in a

    Describe the duty of bondholders in a bond?

    		•
  • Q : Production function for the game

    Question Can you describe what the production function for the game looks like? (How are labour, capital and resources combined? Are there constant, increasing or decreasing returns to scale?) Answer

    Q : How will the goods and services be

    How will the goods and services be produced?

    		•
  • Q : What are the major provisions of GATT

    What are the major provisions of GATT

    		•
  • Q : Briefly state the pros and cons of

    Briefly state the pros and cons of Partnership?

    		•
  • Q : Public policies for low-income Fuel

    Fuel stamp programs which subsidize heating oil purchases through low-income households encourage those families to: (w) create more income by working. (x) particularly conserve on their use of fuel. (y) live along with less purchasing power. (z) subs

    		•
  • Q : Relation of increased productivity by

    Discussion of a pin factory by Adam Smith focused upon the increased productivity related along with: (w) free international trade as per absolute advantage. (x) specialization and the division of labor. (y) free international trade as per comparative advantage. (z) certainty abo

    		•