Theory of firms

Annie Lin
Mind Map by Annie Lin, updated more than 1 year ago
Annie Lin
Created by Annie Lin almost 5 years ago
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Mind-map about the theory of firms
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Theory of firms
1 Definition of a firm: A business organisation, such as a corporation, limited liability company or partnership. - A commercial organisation that operates on a for-profit basis and participates in selling goods or services to consumers.
2 Economies of scale
2.1 Economies of scale are the cost advantages that enterprises obtain due to size, output, or scale of operation, with cost per unit of output generally decreasing with increasing scale as fixed costs are spread out over more units of output.
2.2 http://www.investopedia.com/articles/03/012703.asp
3 Short-run & Long-run
4 Cost curves
5 Profit
5.1 Accountant's definition:
5.2 Economist's definition:
6 Returns to scale
7 Production and productivity
8 Main types of ownership
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