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.
How a production possibilities curve is a graphical representation of choices?
Define the term Market Economy and also state its advantages and disadvantages?
Conception of the “Invisible Hand” by Adam Smith relies on mechanisms like those as underpin: (1) William Stanley Jevons’ “sunspot” theory of business cycles. (2) the biological concept of Homeostasis. (3
Give a brief introduction of the term Control Factor?
Elucidate the various trade which enacted by governments?
What do you mean by spillover. Write short note on it?
What happens to the supply curve when each of these determinants changes?
Suppose you go to a recycling center and are paid 25 cents per pound for your aluminum cans. However, the recycler charges you $.20 per bundle to accept your old newspapers.
Briefly explain the term leverages?
What do you mean by Financial Linkages in U.S. and World Trade?
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