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WANTS AND NEEDS: These are the unfulfilled desires that motivate human behavior and that when satisfied improve human well-being. They include both physiological or biological requirements for maintaining life (needs) and the psychological desires which make life more enjoyable (wants). However, when push comes to shove, and the nitty gets down to the gritty, it matters very little to markets if people need goods or want goods, so long as they are motivated to buy the goods to satisfy wants and needs.
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Lesson 13: The Firm | Unit 1: Introduction
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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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AGGREGATE EXPENDITURES DETERMINANTS Ceteris paribus factors, other than aggregate income or production, that are held constant when the aggregate expenditures line is constructed and which cause the aggregate expenditures line to shift when they change. Some of the more important aggregate expenditures determinants are interest rates, expectations, fiscal policy, wealth, and exchange rates.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store looking to buy either a remote controlled World War I bi-plane or a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for infected paper cuts.
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This isn't me! What am I?
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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TSP
Time Series Processor (software)
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