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Highly Developed Countries Capitalists, Wealthy (more) Facts Table (more), Deciision Making Process Internal & External Evironment (more) Factors Goals, Deciision Making Process Internal & External Evironment (more) Factors Prices, Deciision Making Process Internal & External Evironment (more) Factors Incentives, Deciision Making Process Internal & External Evironment (more) Factors External Environment, Property Rights Legal Limits (more) Price Controls Revoke Property Rights, The Firm collection of contracts (more) Traditional Theories of the Firm neoclassical theory principal-agent theory (more) transaction cost theory evolutionary theory (more), Economic Goals (more) Households Resource market - maximize household�s returns on scarce resources, Economic Goals (more) Households Good/service market - maximize satisfaction, The Firm collection of contracts (more) Economic Activity Productive Activity (more), Property Rights Legal Limits (more) Must be Well Defined, Property Rights Legal Limits (more) Must be Enforceable, Property Rights Legal Limits (more) Must be Easily Tansferable, Present Value (Discounted NPV) Julian Simon (more) Dependences General economic environment Technology Availability of information., neoclassical theory principal-agent theory (more) transaction cost theory evolutionary theory (more) Principal Agent Theory (more), Definitions and Concepts Definitions Output the value of Goods (more), Definitions and Concepts Definitions Allocation Process Decision Making (More), Definitions and Concepts Definitions Law of Scarcity Resource Constraint (More), Definitions and Concepts Definitions Incremental Revenue (defined elsewhere), Definitions and Concepts Definitions Economics Resource Allocation (more), Definitions and Concepts Definitions Temporal Regularity Breakthrough Cycles (more), Definitions and Concepts Definitions Legal Coercion Gov't Actions (more), Definitions and Concepts Definitions The Firm collection of contracts (more), Definitions and Concepts Definitions Implicit Costs Economic costs (more), Definitions and Concepts Definitions Profit Reward for Value (more), Definitions and Concepts Definitions Say's Law Supply-side Economics (more), Definitions and Concepts Definitions Scientific Method Hypothesis, Assumptions (more), Definitions and Concepts Definitions Property Rights Legal Limits (more), Definitions and Concepts Definitions Collectivism Gov't Controls (more), Definitions and Concepts Definitions Contracts An Agreement (more), Definitions and Concepts Definitions Differential Cost (see Incremental Cost), Definitions and Concepts Definitions Losses Penalty by Market (more), Definitions and Concepts Definitions Highly Developed Countries Capitalists, Wealthy (more), Definitions and Concepts Definitions Patents Property Rights (more), Definitions and Concepts Definitions Goals of Household Max. Satisfaction Max. Returns Resources, Definitions and Concepts Definitions Demand-side Economics Socialism-Keynes (more), Definitions and Concepts Definitions Deciision Making Process Internal & External Evironment (more), Definitions and Concepts Definitions Luddites Anti-Technology (more), Definitions and Concepts Definitions Capital Plants, equipment (more), Definitions and Concepts Definitions Economic Goals (more), Definitions and Concepts Definitions Principal-Agent Theory Incentive theory (more), Definitions and Concepts Definitions Normatism vs Positivism The way it is vs way ought to be (more), Definitions and Concepts Definitions Marginal Analysis (more), Definitions and Concepts Definitions Transaction Cost Theory Coase (more), Definitions and Concepts Definitions Explicit Costs (Defined elsewhere), Definitions and Concepts Definitions Neoclassical Theory (more), Definitions and Concepts Definitions Corporations (more), Definitions and Concepts Definitions Protectionism Tarriffs, Quotas (more), Definitions and Concepts Definitions Free Market Unregulated Supply & Demand (more), Definitions and Concepts Definitions Utility usefulness (more), Definitions and Concepts Definitions Incremental Cost Change in Total Cost (More), Definitions and Concepts Definitions Supply-side Economics Trickle Down Economics (more), Definitions and Concepts Definitions Societies, Definitions and Concepts Definitions Incremental Cost (defined elsewhere), Definitions and Concepts Definitions Direct Cost (see Incremental Cost), Definitions and Concepts Definitions Discounting, Definitions and Concepts Definitions Specialization (more), Definitions and Concepts Definitions Knowledge-Based Economies Information is King (more), Definitions and Concepts Definitions Mass Production Economies of Scale (more), Definitions and Concepts Definitions Price Controls cause Shortages (more), Definitions and Concepts Definitions Stagflation Sluggish Economy (more), Definitions and Concepts Definitions Applied Economics Framework (more), Definitions and Concepts Definitions Lasse Faire No Gov't (more), Definitions and Concepts Definitions Capitalism (more), Definitions and Concepts Definitions Rent-seeking Behavior Gov't Benefits for Few (more), Definitions and Concepts Definitions Incremental Revenue Change in Total Revenue (more), Definitions and Concepts Definitions Law of Comparative Advantage Ricardo Specialization (more), Definitions and Concepts Definitions Income (more), Definitions and Concepts Definitions Market Price (more), Definitions and Concepts Definitions Value Added Manufacturing (more), Definitions and Concepts Definitions Evolutionary Theory see Schumpeter (more), Definitions and Concepts Definitions Consumer Surplus (more), Definitions and Concepts Definitions Relevant Cost (see Incremental Cost), Definitions and Concepts Definitions Entrepreneur Innovator (more), Definitions and Concepts Definitions Allocation Apportioning scarce resources (more), Definitions and Concepts Definitions Rent Seeking [Gov't benefits few at expense of majority] (more), Definitions and Concepts Definitions Explicit Costs Accounting Costs (more), Definitions and Concepts Definitions Time Value of Money (more), Definitions and Concepts Definitions Real Output Inflation Adj. (more), The Firm collection of contracts (more) Goals of Organization Profit Maximization (Traditional Economics), The Firm collection of contracts (more) Goals of Organization Present Value (Discounted NPV) Julian Simon (more), Economic Goals (more) For the Firm Resource market - minimize costs, Economic Goals (more) For the Firm Goods/service market - maximization profits, Societies Varieties Capitalism (more), Societies Varieties Socialism Statist or Statism (more), Societies Varieties Subsistence (more), The Firm collection of contracts (more) Four Attributes of the Firm The firm is a legal entity; Organizations are administrative units; It is a pool of physical facilities, learned skills, and liquid capital ; Largest responsible parties in production...