Chapter 4 Assignment

Chapter 4 Assignment - Chapter # 4 Assignment 1....

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Chapter # 4 Assignment 1. Distinguish between the functional and personal distribution of income. Functional distribution of income indicates how the nation’s earned income is apportioned among wages, rents, interest, and profits according to the function performed by the income receiver. The personal distribution of income indicates how the mation’s money income is divided among individual households. 2. Distinguish clearly between a plant, a firm, and an industry. Contrast a vertically integrated firm, a horizontally integrated firm, and a conglomerate. A plant is a physical establishment—factory, farm, mine, store, or warehouse that performs one or more functions in fabricating and distributing goods and services. A firm is a business organization that owns and operates plants. Some firms operate only one plant, but many own and operate several. An industry is a group of firms that produce the same, or similar, products. A vertically integrated firm
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Chapter 4 Assignment - Chapter # 4 Assignment 1....

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