Question

what do you mean by business firm

Answer 1

Business is the activity of making one's living or making money by producing or buying and selling products (goods and services).Simply put, it is "any activity or enterprise entered into for profit. It does not mean it is a company, a corporation, partnership, or have any such formal organization, but it can range from a street peddler to General Motors."The term is also often used colloquially (but not by lawyers or public officials) to refer to a company, but this article will not deal with that sense of the word.
Hope it help you.

Answer 2

business firm - the members of a business organization that owns or operates one or more establishments; "he worked for a brokerage house"