Question
What is the role of business firms in an economy?
Solution
Firms are one of the three crucial elements in the circular flow of money through the economy. In economics, producers are often referred to as firms or companies that play a role in using inputs and producing goods and services. Firms play a key role in deciding what to produce and how to produce.
More Basics of Marketing Management Questions
What will come in place of the question mark (?) in the following series?
48, 291, ?, 399, 408, 411
18, 30, 50, 102, 282, ?
- What will come in place of the question mark (?) in the following series?
24, 27, 34, 46, 64, ? 150 Â Â Â 15Â Â Â 3Â Â Â ? Â Â Â Â 0.36Â Â Â Â 0.18
13, 28, ?, 118, 238, 478
3   2    10   ?   17   16
32, 64, 8, ?, 2, 4Â
8, 9, 125, ?, 1331, 169Â
226  231   466  ?  5606  28031    Â
 5, 6, 14, 45, 184, ? Â
