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LIFESTYLES: The opinions, activities, and interests that an individual expresses through his or her pattern of living. People tend to spend their time in certain ways and with certain types of people. These tendencies of interactions with others and utilization of time strongly affect many components of consumer behavior and subsequent decisions to purchase or not. Lifestyle patterns influence product needs, brand preferences, where people shop, and types of media that are effective to reach consumers.

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Lesson 13: The Firm | Unit 2: Objectives Page: 10 of 24

Topic: Natural Selection <=PAGE BACK | PAGE NEXT=>

  • If real world firms DON'T seek to maximize profit, then why do pointy-headed economists assume that firms DO seek to maximize profit when analyzing firm behavior?

  • The answer lies with the concept of natural selection.

  • Natural selection is the notion that firms best suited to the economic environment on the ones that tend to survive.
  • It's probably true that individual firms do not consciously try to maximize profit.

  • But it's also true that decisions the surviving firms make end up with the same results as if the firms DID consciously try to maximize profit.

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IMPLICIT COLLUSION

Seemingly independent, but parallel, actions among competing firms (mostly oligopolistic firms) in an industry designed to control the market, raise the price, and otherwise act like a monopoly. Also termed tacit collusion, the distinguishing feature of implicit collusion is the lack of any explicit agreement. This is one of two types of collusion. The other is explicit or overt collusion, which involves an explicit agreement.

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Today, you are likely to spend a great deal of time surfing the Internet looking to buy either a stretchable, flexible watch band or high-gloss photo paper that works with your printer. Be on the lookout for a thesaurus filled with typos.
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-- Henry David Thoreau, philosopher

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