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DISCRETIONARY MONETARY POLICY: Explicit changes in the money supply and/or interest rates (monetary policy) that are made with the expressed goal of stabilizing business cycles, reducing unemployment, and/or lowering inflation. Discretionary fiscal policy is a similar type of policy.

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Lesson 13: The Firm | Unit 1: Introduction Page: 6 of 24

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In this unit, you should have learned about:
  • A firm as an organization that combines resources to produce goods and services and is the focal point for production.
  • How firms can be profit-motivated business firms, non-profit firms, or government firms.
  • The primary purpose of firms as combined resources to produce and supply valuable goods and services.
  • How entrepreneurship uses firms as the structure for to combined resources to produce and supply valuable goods and services.
  • Why capital is only one of the resources used by a firm for production and is not the firm itself and the relation between a factory and a firm.
  • The relation between a business firm and an industry.

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LONG-RUN AVERAGE COST

The per unit cost of producing a good or service in the long run when all inputs under the control of the firm are variable. In other words, long-run total cost divided by the quantity of output produced. Long-run average cost is guided by returns to scale.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either throw pillows for your living room sofa or a hepa filter for your furnace. Be on the lookout for a thesaurus filled with typos.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
"It is very rare that you meet with obstacles in this world (that) the humblest man has not the faculties to surmount. "

-- Henry David Thoreau, philosopher

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