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.
Utilitarianism proposes such that the finest society is one which gives the: (w) fundamental goods to meet people’s requirements. (x) greatest happiness for the maximum number of people. (y) exact measurement of utility and disutility. (d) highe
Illustrate major economic flows that link U.S. with nations. Provide an example to illustrate each flow. Explain the relationship between the top and bottom flows.
If the European euro declines in value (depreciates) in the foreign exchange market, would it be easier or harder for the French to sell their wine in the United States? Suppose you were planning a trip to Paris. How would the depreciation of the euro chan
How will the goods and services be produced?
Explain: “Exchange is the necessary consequence of specialization.”
Write down the internal factors which influencing the capital structure?
Why private goods are produced through the market?
Illustrate the 2nd function to promote and maintain competition?
What was rightward shift of PPC point out? Answer: It points out growth of the resources.
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