Define Value Chain and Explain the Difference Between a Firm

question 2

Essay

Define value chain and explain the difference between a firm value chain, an industry value chain, and a value web.

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Definitions:

Gross National Product

The total value of all goods and services produced by a country's residents and businesses, regardless of where the production takes place.

Agriculture

The science, art, and practice of cultivating soil, producing crops, and raising livestock.

Nonrenewable Fossil Fuel Energy

Energy sources like coal, oil, and natural gas that cannot be replenished in a short period and are extracted from the earth's crust.

Agriculture

The science and practice of cultivating plants and livestock, a fundamental sector that supplies the world with food, raw materials, and employment.