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COMPETITION AMONG THE MANY: A market with so many buyers and sellers that none is able to influence the market price or quantity exchanged. This type of competition is the one most favored by economists (the other type is competition among the few). Compared to a three-person sprint, this is like a 10,000-entry road race. To win this race, I can't count on the other 9,999 coming up injured. To win, I may have to be the best I've ever been. I just might have to set a world record. This is the type of competition that brings out the best, most efficient use of resources.
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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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RECESSIONARY GAP, KEYNESIAN MODEL The difference between equilibrium aggregate production achieved in the Keynesian model and full-employment aggregate production that occurs when equilibrium aggregate production is less than full-employment aggregate production. A recessionary gap, also termed a contractionary gap, is associated with a business-cycle contraction. The prescribed Keynesian remedy for a recessionary gap is expansionary fiscal policy. This is one of two alternative output gaps that can occur when equilibrium generates production that differs from full employment. The other is an inflationary gap.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center trying to buy either one of those "hang in there" kitty cat posters or a velvet painting of Elvis Presley. Be on the lookout for attractive cable television service repair people.
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This isn't me! What am I?
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"If you don't have time to do it right, when will you have time to do it over?" -- John Wooden, Basketball coach
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IRR
Internal Rate of Return
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