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HOMOGENEOUS OF DEGREE ONE: A property of an equation the exists if independent variables are increased by a constant value, then the dependent variable is increased by the same value. In other words, if the independent variables are doubled, then the dependent variable is also doubled. This property often surfaces in the analysis of production functions. A production function homogeneous of degree one is said to have constant returns to scale.

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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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RATIONAL IGNORANCE

The decision NOT to become informed about a topic (such as what a political candidate wants to do) because the cost of acquiring the information is more than the expected benefit. The rational decision to remain ignorant about a subject is a straightforward application of utility maximization and along with the related notion of rational abstention, is a source of voter apathy and government inefficiency.

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Today, you are likely to spend a great deal of time at a flea market wanting to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for crowded shopping malls.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
"The mediocre teacher tells. The good teacher explains. The superior teacher demonstrates. The great teacher inspires."

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Consumer Price Index-Urban Wage Earners and Clerical Workers
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