Asked by Maria Alanis on May 11, 2024
Verified
Firms are the producing units of the economy.
Producing Units
Entities, either facilities or machinery, involved in the production process to manufacture goods or services.
Economy
The system of production, distribution, and consumption of goods and services in a particular geographic region or country.
- Discern the system of classifying enterprises and their importance in the economic structure.
Verified Answer
KF
Kiana FinstadMay 17, 2024
Final Answer :
True
Explanation :
Firms are considered the producing units of the economy because they use inputs, such as labor, capital, and raw materials, to produce goods and services for consumption.
Learning Objectives
- Discern the system of classifying enterprises and their importance in the economic structure.