question
managers
answer
-directs efforts of others
-purchases inputs in production of firms output
-purchases inputs in production of firms output
question
Econonmics
answer
science of making decisions in the presence of scarce resources
question
accounting profit
answer
Total revenue - cost of producing goods
question
economic profit
answer
difference between total revenue and opportunity cost.
question
profit principle
answer
profits are a signal to resource holders where resources are most highly valued
question
understanding incentives
answer
changes in profit, provide incentive on how to resource, recources
question
what are the two sides to every transaction?
answer
buyer and seller
question
what are the three rivalries in economic transactions
answer
consumer - producer
consumer - consumer
producer - producer
consumer - consumer
producer - producer
question
Present value formula?
answer
PV=FV/(1+i)^n
question
what is present value formula when trying to find opportunity cost?
answer
PV=FV-OCW
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