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Firms Meaning: Definition, Examples, and Translations

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firms

[fɜːrmz ]

Definitions

Context #1 | Noun

business

Firms are commercial enterprises or businesses that provide goods or services to customers in exchange for payment. They can vary in size from small local businesses to large multinational corporations.

Synonyms

businesses, companies, enterprises.

Which Synonym Should You Choose?

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Word Description / Examples
firms

Typically used to refer to professional services organizations, such as law firms or accounting firms. Often implies a smaller size.

  • She started her career at a small law firm.
  • The accounting firm was renowned for its expertise.
companies

Generally used to describe larger organizations, especially those that are incorporated. Commonly used in a corporate or formal setting.

  • Tech companies are leading the market with innovative products.
  • The company announced a new strategic initiative.
enterprises

Often used to refer to large, complex, or industrial businesses. Can also imply a sense of initiative or adventurousness.

  • The enterprise expanded its operations to three new countries.
  • Social enterprises aim to address societal issues.
businesses

A general term for any type of commercial operation, regardless of size or industry. Can be used in both formal and informal contexts.

  • Small businesses are the backbone of the economy.
  • There are many different types of businesses in the city.

Examples of usage

  • Firms in the technology sector are constantly innovating to stay ahead of the competition.
  • Many firms offer employee benefits such as healthcare and retirement plans.
  • Startup firms often face challenges in securing funding for their business ideas.
Context #2 | Noun

legal

In legal terms, a firm refers to a partnership of two or more individuals who come together to carry out a business activity with a shared profit motive. They often have a written agreement outlining the terms of their partnership.

Synonyms

agency, partnership, practice.

Which Synonym Should You Choose?

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Word Description / Examples
firms

Used generally to refer to business entities, often in a corporate or commercial setting.

  • Several law firms in the city offer pro bono services.
  • The technology firms are booming in the current economic climate.
partnership

Refers to a legal form of business operation where two or more individuals share management and profits.

  • The two companies formed a strategic partnership to tackle the new market.
  • Our business partnership has been thriving for over a decade.
practice

Often used in professional settings such as law or medicine, referring to the business operations of professionals.

  • He joined a medical practice specializing in pediatric care.
  • Her law practice has been very successful in the last few years.
agency

Often used to refer to a business or organization that provides a particular service, especially in advertising, travel, or employment.

  • She got a job through a recruitment agency.
  • The advertising agency created a new campaign for the product.

Examples of usage

  • The law firm specializes in intellectual property cases.
  • The accounting firm provides tax preparation services to individuals and businesses.

Translations

To see the translation, please select a language from the options available.

Interesting Facts

Economics

  • Firms are crucial to an economy, driving innovation and creating jobs.
  • They can vary in size from small family-owned businesses to large multinational corporations.
  • The structure of a firm, whether sole proprietorship, partnership, or corporation, affects its legal status and taxation.

Pop Culture

  • Television shows like 'Mad Men' depict the dynamics of advertising firms in the 1960s, reflecting societal changes.
  • Movies often showcase firms as places of drama, negotiation, and personal ambition, influencing how we view corporate culture.
  • In video games, like 'SimCity', managing firms is part of building a successful city, blending strategy with economics.

Psychology

  • The culture within a firm can greatly influence employee motivation and the overall work environment.
  • Research shows that a supportive firm culture can lead to higher productivity and employee retention.
  • Group dynamics in teams within firms can affect decision-making and creativity, impacting innovation.

Technology

  • Many contemporary firms leverage technology for efficiency, using software for project management and collaboration.
  • Startups often challenge traditional firms by introducing disruptive technologies that change industries.
  • The rise of remote work technology has transformed how firms operate, influencing their structure and culture.

Origin of 'firms'

Main points about word origin

  • The word 'firm' comes from the Latin 'firmus', meaning 'strong' or 'steady'.
  • It was first used in the context of business in the late 16th century.
  • In legal terms, a firm often refers to a partnership of professionals, such as lawyers or accountants.

The word 'firm' originated from the Latin word 'firmus,' meaning strong or steadfast. Over time, it evolved to refer to a business entity or partnership. The concept of firms has been essential to trade and commerce throughout history, facilitating the exchange of goods and services in economies around the world.

See also: confirm, firm, firmament, firming, firmly, firmness, infirm, unfirmly.

Word Frequency Rank

This word ranks #1,858, placing it within important intermediate vocabulary. Learning it will significantly improve your ability to express yourself in English.