Firms are business organizations that produce goods or provide services with the goal of earning profit. They can range from small local businesses to large multinational corporations.
Related terms
Entrepreneurship: The process of identifying opportunities, organizing resources, taking risks, and creating new ventures to produce goods or offer innovative solutions.
Market structure: The organizational characteristics that define how markets operate, including factors like competition level and entry barriers.
Business cycle: The fluctuations in economic activity characterized by periods of expansion (growth) and contraction (recession).