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JOB LEAVERS: Unemployed workers who have voluntarily quit their current jobs and have immediate sought other employment. This is one of the official categories or unemployed workers tracted by the Bureau of Labor Statistics when compiling employment statistics and the unemployment rate. It is also a key to the theoretical notion of frictional unemployment.
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Lesson 13: The Firm | Unit 2: Objectives
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Page: 7 of 24
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- The primary goal of a human consumer is thus to maximize utility.
- Utility maximization is the process of obtaining the highest possible level of utility from the consumption or use of goods and services.
- The primary goal of a business is really no different, in principle, than that of any consumer. The working presumption for business firms is that they seek to maximize profit.
- Profit maximization is the process of obtaining the highest possible level of profit through the production and sale of goods and services.
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POINT ELASTICITY The relative responsiveness of a change in one variable (call it B) to an infinitesimally small change in another variable (call it A). The notion of point elasticity typically comes into play when discussing the elasticity at a specific point on a curve.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club looking to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for infected paper cuts.
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This isn't me! What am I?
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"The time to repair the roof is when the sun is shining." -- John F. Kennedy, 35th U. S. president
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LRMC
Long Run Marginal Cost
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