Economics ch 7-12
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| show | buys or rents productive resources (also known as inputs) and attempts to transform them into marketable outputs.
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| Define business firm | show 🗑
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| In what three ways are firms organized? | show 🗑
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| What are corporate owners called? | show 🗑
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| show | a board of directors
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| show | officers of the corporation
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| What are one of the strengths of the corporate form? | show 🗑
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| show | by issuing bonds
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| show | means that the stockholders of a corporation cannot be sued
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| show | the ease of transferring ownership
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| What is a major drawback of corporate organization? | show 🗑
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| What advantage does a hybrid type of corporation share with a corporation? | show 🗑
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| Define non-profit organizations | show 🗑
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| Define residual claimant | show 🗑
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| show | Non-profit organizations do not have a residual claimant.
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| show | True
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| show | refers to the minimizing of the physical inputs to a production method according to some specific rule.
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| show | puts the inputs into dollar terms and lets the entrepreneur choose the least-cost method of producing
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| show | the economically efficient method, is chosen by the entrepreneur bc of the assumption of attempted profit maximization
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| Define "lack of market price information" | show 🗑
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| show | a description of the amounts of output expected from various combination of inputs
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| A production function is usually described in the form of a table or graph, but it can also be shown by a mathematical formula. T or F? | show 🗑
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| Define Fixed Inputs | show 🗑
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| show | the productive resources that can be increased or decreased in the short run.
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| Define Short Run | show 🗑
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| show | the period of time in which all inputs, including plant and equipment, can be varied
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| Define the Principle of Diminishing Returns | show 🗑
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| show | the change in total output that is produced by unit change in a input
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| Define total product | show 🗑
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| show | avg prod of an input is simply the total product divided by the umber of units of the input employed
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