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3 Tutorials that teach Resource Allocation for Firms
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Resource Allocation for Firms

Resource Allocation for Firms

Author: Justin Tapp
Description:

This lesson will explain the economic idea of how resources are allocated for firms.

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Tutorial
Terms to Know
  • Capital

    Material assets in the form of money or machinery used as a factor of production.

  • Constraints

    An element that interrupts production of a firm or consumption by individuals.

  • Cost Minimization

    Output strategy that incurs the least amount of cost.

  • Factors of Production

    Resources defined as land, labor, and capital that are necessary to produce output for the sake of profit.

  • Labor

    Human service that contributes to the creation or distribution of goods or services.

  • Land

    A factor of production that occurs naturally in the form of real estate or organic assets.

  • Profit Maximization

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

  • Short-Run Constraints

    Temporary period of time with least control over constraints when at least one element is fixed.