--%>
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 : Categorization of economists for buying

    Assume that you bought a ton of gold in Santiago, and Chile for $450 per ounce and immediately sold all of this in Antwerp, Belgium for $480 per ounce. Therefore economists would categorize your movement as: (i) arbitrage. (ii) scalping. (iii) screening. (iv) speculat

    		•
  • Q : Characterized contestable markets

    Industries that are described as "contestable": (w) will experience long-run economic profits equal to zero. (x) are difficult for firms to enter, but not to exit. (y) are difficult for firms to exit, but not to enter. (z) will charge prices greater t

    		•
  • Q : Introduction of the term Cost of

    Give a brief introduction of the term Cost of retained earnings?

    		•
  • Q : What are the Causes and theories of

    What are the Causes and theories of inflation?

    		•
  • Q : Why businesses are not really free to

    Why businesses are not really “free” to produce what they wish?

    		•
  • Q : Real rate of interest Question: Hubbard

    Question: Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  • Q : Introduction of the term net present

    Give a brief introduction of the term net present value? Write down its admittable rules, their merits and demerits?

    		•
  • Q : External costs and external benefits

    Explain the impact of external costs and external benefits on resource allocation

    		•
  • 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 : Problem on Legislature budget XY School

    XY School District has a large number of students in need of remedial instruction. The superintendent of XY School System can allocated her budget between purchasing X units of remedial instruction at a price of $2,000/unit and spending an amount ($Y) on all other sch

    		•