--%>

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 : Guardian implies that there really is

    Evaluate and explain the statements: “Market is its own guardian implies that there really is an invisible hand or taskmaster that watches over the decision makers in the marketplace”

  • Q : Free rider problem Question: Explain

    Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good. Answer:

  • Q : Heterodox perspective of business

    I am facing difficulty in this question. Help me in find out correct answer of this economy based question. From heterodox perspective, why do business enterprises choose administered prices as opposed to highly flexible prices?

  • Q : Entrepreneurs and business are at the

    Explain the statements: Entrepreneurs and business are at the helm of the economy.

  • Q : What are patent rights Patent rights :

    Patent rights: It is a unique license or right granted to a company or an Individual to make a specific product or utilize a specific technology.

  • 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

  • Q : Introduction of the term Cost Principle

    Give a brief introduction of the term Cost Principle ?

  • Q : Illustrate several theories about

    Illustrate several theories about causation?

  • Q : Determine the productively efficiency

    To be productively efficient, a country should: (w) maximize the satisfaction attainable from its budget. (x) be concerned only with macroeconomic analysis. (y) concentrate on removing scarcity. (z) maximize the value of output produced through specif

  • Q : Explain the markets and prices of the

    Explain the markets and prices of the Market System?