What is firm in economics

Broadly speaking, the definition of a 'firm' in the field of economics is any company that seeks to make a profit by manufacturing or selling products or services – or both – to consumers. For example, one of the most common uses of this term is for 'law firms,' which usually sell services in relation to the law.

Explanation:

A firm in economics a company that functions in order to make some profit.

More clearly to say A firm is a for-profit business, usually formed as a partnership that provides professional services, such as legal or accounting services.

voracity is the noun corresponding to the adjective voracious, which means (1) eager to consume a great amount of food, or (2) marked by an insatiable appetite. veracity is far more common than the rare voracity, so the latter is sometimes used in place of the former.

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