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
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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
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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
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Which of the following is not a characteristic of an industry?
Group of firms
Similar goods or services produced
Non-profit.
Sector
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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
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Define a firm.
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Define an industry.
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