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10 cards from this deck
Organisation combining factors of production to create goods/services
Owned by private individuals/shareholders, not government
Owned and operated by the state (e.g. NHS)
Conflict when managers' aims differ from shareholders' aims
Managers aiming for satisfactory profits, not maximum profits
Firm grows internally by reinvesting profits or borrowing
Merger between firms in same industry at same production stage
Vertical merger with supplier (earlier in production process)
Vertical merger with distributor (later in production)
Merger between firms operating in different markets/industries
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