--%>
Assignment Help - homework help

Distinguish clearly between a plant, a firm, and an industry

Distinguish clearly between a plant, a firm, and an industry?

E

Expert

Verified

Production takes place in plant which is an operating unit.  This production can be developed, wholesaling, warehousing, retailing, farming, and mining anything which in short it is essential for the manufacture and allocation of product and services.

The business organization of a firm owns one or more than one plants.  A firm can be very huge like General Motors that possess many plants in many countries, or very small, such as an independent corner grocery.

An industry is rather a random grouping of firms producing comparable products like a steel industry.  There may be a problem defining which firms belong to an industry; the firms in the automobile industry produce many non-automotive products.

   Related Questions in Business Economics

  • Q : Illustrate major economic flows that

    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.

    		•
  • Q : What is the opportunity cost of your

    Suppose you arrive at a store expecting to pay $100 for an item, but learn that a store two miles away is charging $50 for it.  Would you drive there and buy it?  How does your decision benefit you?  What is the opportunity cost of your decision?  Now suppose you arrive at a s

    		•
  • Q : Factors of account since the Second

    For rapid growth of world trade what are the factors of account since the Second World War?

    		•
  • Q : Explain determining the types of the

    Explain determining the types of the various products that will be produced?

    		•
  • Q : Roundabout production Describe the

    Describe the merits of “roundabout” production?  Describe the term “division of labor”?

    		•
  • Q : Perfect competition and efficiency

    Which of the given describes a condition in which a good or service is produced at the lowest probable cost: w) productive efficiency. x) allocative efficiency. y) marginal efficiency. z) profit maximization Please

    		•
  • Q : Economic efficiency enhancement as

    Transaction costs are decreased and economic efficiency is enhanced by: (1) long-term wage and price controls. (2) monopolies which cooperate with central planners. (3) blacklists and yellow dog contracts. (4) bureaucratic tendencies

    		•
  • Q : Explain a refutation of the doctrines

    Adam Smith wrote his Wealth of Nations within part like a refutation of the doctrines: (1) classical liberalism. (2) utilitarianism. (3) mercantilism. (4) physiocracy. (5) laissez faire capitalism.

  • Q : Drawbacks of capital budgeting Write

    Write down the drawbacks of capital budgeting?

    		•
  • Q : Laissez-faire philosophy of government

    As per to the laissez-faire philosophy of government,: (1) economy works best while all investment decisions are centralized. (2) market system works best along with only minimal government intervention. (3) government must be restricted to stabilizin

    		•