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The Economic Objectives of Individuals, Firms and Governments
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The Economic Objectives of Individuals, Firms and Governments
PROFIT= REVENUE-COST
INDIVIDUALS
- want to maximise UTILITY (satisfaction)
FIRMS
- want to maximise PROFIT
GOVERNMENTS
- want to maximise PRODUCTION
- in order to create WEALTH
- may also want to maximise EQUITY (fairness)
- through the DISTRIBUTION OF WEALTH
- want to maximise PRODUCTION
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- A Levels Economics (Unit 1, 1 The Economic problem) Mind Map on The Economic Objectives of Individuals, Firms and Governments, created by beth2384 on 26/10/2013.
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- beth2384
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