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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: Catherine Barry
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.