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3 Tutorials that teach Decision Making Relationships: Rational Firm
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Decision Making Relationships: Rational Firm

Decision Making Relationships: Rational Firm

Author: Justin Tapp
Description:

This lesson will explain the economic idea of the rational firm.

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Terms to Know
  • Cost Minimization

    Output strategy that incurs the least amount of cost.

  • Finite Resource

    A fixed amount of supply that is irreplaceable and nonrecoverable.

  • Opportunity Costs

    The sacrifice made by choosing one value or opportunity over another.

  • Profit Maximization

    Procedure of determining quantity and cost that yields the greatest profit.