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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."
Determine the population growth rates Birth control meant that those who didn't wish to have more children can exercise their choice. Parents began to find more satisfaction o
if the inverse demand curve is p=120-Qand the marginal cost is const ant at 10 ,
Q. What is Cost effectiveness analysis? Cost effectiveness analysis A method which seeks to identify the least cost option for meeting a particular objective. It actives prior
The cross elasticity of demand calculates the responsiveness of the quantity demanded of one product to alters in the price of another product. For example, the quantity demanded
3, chapter 12
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Banks: A company which accepts deposits and issues new loans. It makes profit by charging more interest for loans than it pays on deposits, and through several service charges. By
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