Businesses and Their Costs - Business Population
3 important questions on Businesses and Their Costs - Business Population
What is a plant?
An establishment that performs one or more functions in fabricating and distributing goods and services.
What is a firm?
An organisation that employs resources to produce and operates one or more plants.
What is a vertically integrated firm?
A firm that owns several differently functioning plants, e.g. gas stations as well as oil refineries.
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