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FALLACY OF COMPOSITION: The logical fallacy of arguing that what is true for the parts is also true for the whole. In the study of economics, this takes the form of assuming that what works for parts of the economy, such as households or businesses also works for the aggregate, or macroeconomy. The contrasting fallacy, which you might want to examine next, is the fallacy of division.

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Lesson 16: Perfect Competition | Unit 1: Price Taker Page: 4 of 28

Topic: Profit Maximization <=PAGE BACK | PAGE NEXT=>

  • Whether firms are big or little, a large part of their market or a small part, they are generally motivated by the pursuit of profit maximization.

  • Profit maximization is the process of obtaining the highest possible level of profit through the production and sale of goods and services.
  • Like any firm, a perfectly competitive firm makes decisions that generate the greatest difference between total revenue and total cost.


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PROPRIETORSHIP

A business organization that is owned and operated by one person. The owner and the business are legally considered one and the same. As such, the owner receives any and all profit and is responsible for any and all debts, what is termed unlimited liability. A proprietorship is one of the three basic forms of business organization. The other two are partnership and corporation. A large number of proprietorships exist in the economy, but they tend to be relatively small operations.

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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time searching the newspaper want ads looking to buy either a three-hole paper punch or decorative picture frames. Be on the lookout for jovial bank tellers.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
"Think not of yourself as the architect of your career but as the sculptor. Expect to have to do a lot of hard hammering and chiseling and scraping and polishing. "

-- B. C. Forbes, founder, Forbes magazine

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