Definitions of Firms And Industry - SS1 Economics Past Questions and Answers - page 1
What is a firm?
A group of individuals
An organization that produces and sells goods or services for profit
A non-profit organization
A government agency
What is an industry?
A group of individuals
An organization that produces and sells goods or services for profit
A non-profit organization
A group of firms that produce similar goods or services
Which of the following is not a characteristic of a firm?
Produces goods or services
Sells goods or services for profit
Non-profit
An organized group of individuals
Which of the following is not a characteristic of an industry?
Group of firms
Similar goods or services produced
Non-profit.
Sector
Which of the following best describes a firm?
A group of individuals that come together for a common cause
A sector of the economy
An organization that produces and sells goods or services for profit
A group of firms that produce similar goods or service
Define a firm.
A firm is a single business entity that produces and sells goods or services.
Define an industry.
An industry is a collection of firms that produce similar goods or services and compete with each other in the market.