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RATIONING: The distribution or allocation of a limited commodity, usually accomplished based on a standard or criterion. The two primary methods of rationing are markets and governments. Rationing is needed due to the scarcity problem. Because wants and needs are unlimited, but resources are limited, available commodities must be rationed out to competing uses.
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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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INVESTMENT, PRODUCTION POSSIBILITIES Investment typically refers to the purchase of productive capital by business in anticipation of increasing production and (presumably) generating more profit. More generally, investment can be considered as sacrificing the current satisfaction of wants and needs (consumption goods) to expand productive capability (capital goods). Production possibilities analysis can be used to illustrate the tradeoff between consumption and capital as a movement along a production possibilities curve.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs looking to buy either a rechargeable battery for your camera or a coffee cup commemorating the first day of spring. Be on the lookout for rusty deck screws.
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This isn't me! What am I?
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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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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OTC
Over the Counter
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