A firm may be defined as an institution which buys things, transforms them in some way, and then sells them with the purpose of making a profit. The things a firm buys we shall call inputs. The things it sells we shall call outputs. The process whereby the things it buys are transformed into the things it sells we shall call the process of production. In any process of buying to sell again a process of production is always involved...
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About Kenneth Boulding

Kenneth Boulding was a 20th-century American american economist. Kenneth Ewart Boulding was an English-born American economist, educator, peace activist, and interdisciplinary philosopher. Boulding was the author of two citation classics: The Image: Knowledge in Life and Society (1956) and Conflict and Defense: A General Theory (1962). Read more on Wikipedia →

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