Background: We learned a few topics regarding firms in this course. A firm is an organization that transforms resources (inputs) into products (outputs). Firms are the primary producing units in a market economy. 1. A firm exists when a person or group of people decides to produce something. 2. Firms transform inputs (resources) into outputs (goods and/or services). 3. Firms can be large or small or in-between. 4. Most firms exist to make a profit for their owners. An entrepreneur is a person who organizes, manages, and assumes the risks of a firm, taking a new idea or a new product and turning it into a successful business. TOPIC FOR Field Investigation: Each students explores the local economy together, identifies a firm that interests you and drafts an essay to answer the following questions: 1. 2. Who are the entrepreneurs in the firm? 3. Whats the output they produce? 4. How they produce the output? 5. Who are they producing for (whats their target population to serve?) 6. What inputs they demand from the input market? Try to talk with the owner, manager or the employees in the firm if possible. You may choose any firm that you have special interest in investigating and explain the reason you choose the firm.
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