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FIRM OBJECTIVES: The standard economic assumption underlying the analysis of firms is profit maximization. Firms are assumed to make decisions that will increase profit. Generally speaking, profit maximization is the process of obtaining the highest possible level of economic profit through the production and sales of goods and services. For a more thorough discussion of this topic, see the profit maximization entry. Real world firms might pursue other objectives including: (1) sales maximization, (2) pursuit of personal welfare, and (3) pursuit of social welfare. In some cases, these other objectives help a firm pursue profit maximization. In other cases, they prevent a firm from maximizing profit.
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LEADING ECONOMIC INDICATORS Ten economic statistics that tend to move up or down a few months BEFORE business-cycle expansions and contractions. Most importantly, these measures indicate peak and trough turning points about three to twelve months before they occur. Leading economic indicators are one of three groups of economic measures used to track business-cycle activity. The other two are coincident economic indicators and lagging economic indicators.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either galvanized steel storage shelves or a large green chalkboard shaped like the state of Maine. Be on the lookout for strangers with large satchels of used undergarments.
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This isn't me! What am I?
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"Well done is better than well said. " -- Benjamin Franklin, statesman, inventor
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GARP
Generalized Axioms of Revealed Preference
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