Define firm and point out its economic and non-economic objectives
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A firm can be a business organization such as cooperations or partnership that sells goods or services to make profit.
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Answer:
A firm can be defined as a business unit or enterprise. The term 'Firm' is also used for the Partnership of two or more persons conducting business for profit.
Explanation:
The Economic Objective consists of:
1. Profit Maximization
2. Creation of Customers
3. Regular Innovation
4. Optimum utilization of available resources.
The non-Economic objective consists of:
1. Supply Qualitative product at a fair price
2. Employment Generation
3. Protection of Environment
4. Avoid unfair trade practices
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