--%>
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 the term Economic Rationale

    Illustrate the term Economic Rationale?

    		•
  • Q : An Inquiry in the Nature and Causes The

    The first comprehensive work upon economics written within English was authored through Adam Smith in 1776 year and entitled that “An Inquiry within the Nature and Causes of: (1) Laws of Supply and Demand.” (2) Wealth of Nations.” (3

    		•
  • Q : Married men on average earn more income

    Studies indicate that married men on average earn more income than unmarried men of the same age?

    		•
  • Q : Describe unanticipated inflation

    Describe unanticipated inflation?

    		•
  • Q : Introduction of the term Operating

    Give a brief introduction of the term Operating Leverage?

    		•
  • Q : Key model of price-specie flow mechanism

    The key model underpinning David Hume’s price-specie flow mechanism which most mercantilists failed to grasp is termed today as: (i) the equimarginal principle. (ii) the wages-fund doctrine. (iii) the quantity theory of money. (iv) partial equil

    		•
  • Q : History of King Louis world of commerce

    Early in the 18th century, a leading industrialist responded to an advisor of King Louis IV of France, who asked how the crown could most excellent facilitate the world of commerce, along with “Laissez nous faire,” that im

    		•
  • Q : Higher opportunity costs of attendance

    Economics professors would attribute students’ higher rates of attendance on days while examinations are administered to the: (w) intensified needs to learn valuable material. (x) higher opportunity costs of missing set relative to other schedul

    		•
  • Q : Describe Quasi-public goods Describe

    Describe Quasi-public goods?

    		•
  • Q : Need of the Economic Efficiency

    Economic efficiency for society needs which the: (i) opportunity costs of all goods be at their lowest possible values. (ii) maximum probable benefits are acquired for given costs. (iii) greatest possible net benefits are squeezed through available re

    		•