Firms, Production, and Business Goals
A firm is a business organization that combines the factors of production, land, labor, capital, and entrepreneurship, to produce goods or services, typically aiming to earn a profit, though nonprofit organizations and government-run enterprises produce goods and services for other goals, like a specific mission or public service, instead. A typical profit-seeking firm also has to decide how much to produce, a decision economists model by comparing the additional revenue an extra unit brings in against the additional cost of producing it.
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