Meaning: An industry refers to a group of businesses or companies that produce similar goods or services or are engaged in related economic activities. Industries are often classified based on the products or services they
Meaning of organization: An organization is a social entity comprising people who work together to achieve common goals and objectives. Organizations can take various forms, including businesses, government agencies, non-profit entities, educational institutions, and more.
Meaning of Firm: A firm, in economic terms, is an organization or entity engaged in the production or distribution of goods and services to meet the needs of consumers. The terms “firm” and “company” are
Meaning of Cost: Cost, in a general refers to the expenditure or sacrifice made to acquire goods, services, or resources. It represents the value of resources used to produce or obtain something. Costs are crucial
Meaning of Mixed Economy: The mixed economy is a mixture of capitalism and socialism. The mixed economy tries to avoid the two extremities of pure capitalism and pure socialism and the evils associated with each
Meaning of Socialism: Socialism is also called as planned economic system. It is an economic organization of society in which the material means of production or own by the whole community and operated by organs
Meaning: The Capitalism is also called as free enterprise system. It is a system of economic organization featured by the private ownership and the used for private profit of man-made and natural made capital. Capitalism
