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KUZNETS CYCLE: A cycle of economic activity lasting between 15 and 20 years that acquired the name of the first economist to study it, Nobel Prize laureate Simon Kuznets. The Kuznets cycle is attributed to investment in housing and building construction and is well know among professionals in the real estate market. This is one of four separate cycles of macroeconomic activity that have been documented or hypothesized. The other three are Kitchin cycle, Juglar cycle, and Kondratieff cycle.
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Lesson 13: The Firm | Unit 2: Objectives
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Page: 9 of 24
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Topic:
Real World Firms
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- Four alternative objectives:
- Sales Maximization
- Some firms might try to maximize their sales, either in terms of quantity or revenue, rather than to maximize profit.
- Owner Utility
- The owners or entrepreneurs of a firm seek to maximize profit because this generates income that can be used to acquire wants-and-needs satisfying goods and services.
- Employee Utility
- A firm's profit might also be sacrificed to enhance the utility of employees.
- Social Responsibility
- A firm might be motivated to forego profit in the pursuit of a "better" society.
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PROPRIETORSHIP A business organization that is owned and operated by one person. The owner and the business are legally considered one and the same. As such, the owner receives any and all profit and is responsible for any and all debts, what is termed unlimited liability. A proprietorship is one of the three basic forms of business organization. The other two are partnership and corporation. A large number of proprietorships exist in the economy, but they tend to be relatively small operations.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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"The mediocre teacher tells. The good teacher explains. The superior teacher demonstrates. The great teacher inspires." -- William Ward ‚ Texas Wesleyan University Administrator
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SELA Latin American Economic System
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