Economics - 0455 CIE

Firms

Bayani Gaba-gaba

Firms come in every shape and size, from a single hairdresser to a global giant like Toyota or Walmart. They are the engines that turn the factors of production into the goods and services we buy. Understanding how firms are classified, why some stay small while others grow huge, and what happens to their costs as they expand is central to microeconomics.

In this lesson you will classify firms by sector and by ownership, weigh up the strengths of small versus large firms, and learn the three types of merger. Then you will dig into economies and diseconomies of scale: why average costs fall as a firm grows, and why they eventually rise again. By the end you will be able to analyse a firm's size and growth like an examiner.

Manufura

primary/secondary/tertiary sector firms
private sector/public sector firms
advantages and disadvantages of small and large firms
definitions, examples, advantages and disadvantages of different types of mergers: horizontal, vertical and conglomerate
how internal and external economies and diseconomies of scale can affect a firm/industry as the scale of production changes
drawing and interpretation of average total cost (ATC) diagrams to illustrate economies and diseconomies of scale

Takardar Darasi

How firms are organised and how big they grow shapes prices, choice, competition and jobs across the whole economy. Economies of scale, in particular, explain why large firms can charge lower prices, and they reappear in market structures, monopoly and international trade.

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Nazarin Darasi

Barka da kammala darasi akan Firms. Yanzu da kuka bincika mahimman raayoyi da raayoyi, lokaci yayi da zaku gwada ilimin ku. Wannan sashe yana ba da ayyuka iri-iri Tambayoyin da aka tsara don ƙarfafa fahimtar ku da kuma taimaka muku auna fahimtar ku game da kayan.

Za ka gamu da haɗe-haɗen nau'ikan tambayoyi, ciki har da tambayoyin zaɓi da yawa, tambayoyin gajeren amsa, da tambayoyin rubutu. Kowace tambaya an ƙirƙira ta da kyau don auna fannoni daban-daban na iliminka da ƙwarewar tunani mai zurfi.

Yi wannan ɓangaren na kimantawa a matsayin wata dama don ƙarfafa fahimtarka kan batun kuma don gano duk wani yanki da kake buƙatar ƙarin karatu. Kada ka yanke ƙauna da duk wani ƙalubale da ka fuskanta; maimakon haka, ka kallesu a matsayin damar haɓaka da ingantawa.

A firm that mines coal operates in which sector? A. primary B. secondary C. tertiary D. public Answer: A
Two soft-drinks manufacturers join together. This is an example of a: A. vertical merger B. horizontal merger C. conglomerate merger D. takeover by the government Answer: B
Which is an internal economy of scale? A. proximity to related firms B. a local pool of skilled labour C. bulk-buying of raw materials D. the reputation of the area Answer: C
Diseconomies of scale occur when: A. average costs fall as output rises B. average costs rise as the firm becomes too large C. a firm buys a supplier D. small firms merge Answer: B
The main aim of a public sector firm is usually to: A. maximise profit B. provide a service C. take over rivals D. export goods Answer: B