Define a Firm and Discuss Its Roles in the Economy

question 2

Essay

Define a firm and discuss its roles in the economy.

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Definitions:

Writing

The act or medium of expressing thoughts in visible letters or characters; utilized in law to refer to the embodiment of expressions in a tangible form.

Enforceable

Describes a legal agreement or provision that can be upheld by a court or other legal authority.

Commit a Crime

The act of performing a behavior that is forbidden by law and punishable by the government.

Tort

Tort is a legal term referring to a civil wrong that causes someone else to suffer loss or harm, resulting in legal liability for the person who commits the tortious act.