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ECONOMIC POLICIES: Government actions designed to affect economic activity and pursue one or more economic goals. Also called economic policies. The four common types of government policies are: fiscal, monetary, regulatory, and judicial.
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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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LABOR FORCE The total number of people in an economy, society, or country willing and able to exert mental and/or physical efforts in productive activities. The labor force is a more technical term for the labor resource or labor supply. It includes both employed workers and unemployed workers. An official variation of this term is civilian labor force. While labor force may or may not include military personnel, the civilian labor force explicitly excludes the military. Labor and labor resources are the theoretical terms that economists like to banter about. Labor force and civilian labor force are the terms of choice for government policy makers, data-crunchers, and others who need precise labor resource numbers.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites hoping to buy either one of those "hang in there" kitty cat posters or a velvet painting of Elvis Presley. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?
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A half gallon milk jug holds about $50 in pennies.
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"What gets measured gets done." -- Peter Drucker, educator
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NORC
National Opinion Research Center
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