economic objectives and rationality 0.0 / 5 ? EconomicsResource allocationASOCR Created by: lucydosramosCreated on: 05-04-18 14:01 formula for profit total revenue minus total costs 1 of 8 3 reasons for firms wanting to maximise profits 1- firm can survive 2- offer better rewards to the owner and staff 3- reinvested, expand 2 of 8 why would a firm want to maximise total sales or market share (2) 1- market share=monopoly power 2- considered more prestigious and stable 3 of 8 example of ethical objective for a firm support the local economy 4 of 8 what do consumers maximise utility 5 of 8 what do workers maximise income and free time 6 of 8 what do governments maximise? how? public interest. balance resources with needs and wants 7 of 8 how do governments maximise (4) 1- economic growth 2-full employment 3-equilibrium in the balance of payments 4-low inflation 8 of 8
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