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SALES MAXIMIZATION: The notion that business firms (especially those operating in the real world) are primarily motivated by the desire to achieve the greatest possible level of sales, rather than profit maximization. On a day-to-day basis, most real world firms probably do try to maximize sales rather than profit. For firms operating in relatively competitive markets, facing relative fixed prices, and relatively constant average cost, then increasing sales is bound to increase profits, too. Moreover, according to the notion of natural selection, even firms that seek to maximize sales, those that also maximize profit will remain in business.
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Lesson 11: Elasticity Basics | Unit 1: The Concept
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Page: 2 of 25
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- The elasticity definition goes something like this...
- Elasticity is the relative response of one variable to changes in another variable.
- The phrase "relative response" is best interpreted as "percentage change."
- In other words, elasticity is a measure of the percentage change in one variable relative to the percentage change in another variable.
- The two most important variables that we are concerned with are price and quantity.
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SOCIALISM In theory, an economy, or economic system, that is a transition between capitalism and communism and is based on: (1) government, rather than individual, ownership of resources, (2) worker control of the government, such that workers, rather than capitalist, control capital and other productive resources, (3) income allocated on need rather than on resource ownership or contribution to production. In practice, socialism is a type of economy based on--(1) government ownership and control of the most crucial resources, like those for energy production, communication, transportation, and health care and (2) a heavy dose of central planning by government.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials wanting to buy either a T-shirt commemorating yesterday or a pair of handcrafted oven mitts. Be on the lookout for letters from the Internal Revenue Service.
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A half gallon milk jug holds about $50 in pennies.
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"Managing intellectual assets has become the single most important task of business. " -- Thomas Stewart, author
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ATS
Automatic Transfer Service
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