Differentiate between firm and industry, Microeconomics

Assignment Help:

Differentiate between firm and industry. 

A firm is a business unit produced for the purpose of carrying out some kind of trading activity. The term "firm" is used in many ways, but the correct meaning is a business carried on under a trading style by partners. Many people use the term "firm" to embrace any business, i.e., Private Limited and Public Limited companies but this is technically incorrect. An industry is usually any grouping of businesses that share a common method of generating profits, such as the "movie industry", the "automobile industry", or the "cattle industry". It is also used specifically to refer to an area of economic production focused on manufacturing which includes large amounts of upfront capital investment before any profit can be realized, also known as "heavy industry."

 


Related Discussions:- Differentiate between firm and industry

.redox, how to write an half equation

how to write an half equation

The basics, the basics in micro economics

the basics in micro economics

What is the price of a call option on stock, Consider an economy with three...

Consider an economy with three states. The following set of stocks is traded:   x 1 =(2,2,0)    x 2 =(1,0,3)  x 3 =(0,2,4). The t=0 prices of these stocks are given as follow

Macro , Suppose that nominal interest income is taxed at a rate of 30%. Cal...

Suppose that nominal interest income is taxed at a rate of 30%. Calculate the before-tax real interest rate and the after-tax real interest rate if the nominal interest rate is 6%

Marginal output, If the marginal product of labor is 45 units of output and...

If the marginal product of labor is 45 units of output and the marginal products of capital is 56 units of output while the wage rate is $20 per worker and the cost of capital is $

Consumer equilibrim, explain consumer equilibrium diagrammatically as well ...

explain consumer equilibrium diagrammatically as well mathematically by using necessary and sufficient conditions

Consumer=m, consumer=m with the help of indifference curve analyis

consumer=m with the help of indifference curve analyis

Policy implications - structure of national income , Policy Implications: ...

Policy Implications: The expansion of the services sector  has wider implications for population, employment, and trade prospects of the economy, some of which are as follows:

Optimum currency area, Optimum currency area: An optimum currency area...

Optimum currency area: An optimum currency area (OCA), also known as an optimal currency region (OCR), is a geographical region in which it would maximize economic efficiency

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd