Textbook Notes (369,125)
Canada (162,402)
BUS 207 (14)
Chapter 1

Review chapter 1 of BUS207

3 Pages

Business Administration
Course Code
BUS 207
Allan Matadeen

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Chapter 1 Key Terms Manager: A person who directs resources to achieve a stated goal Economics: the science of making decisions in the presence of scarce resources Managerial economics: the study of how to direct scarce resources in the way that most efficiently achieves a managerial goal Economic profits: the difference between total revenue and total opportunity cost Opportunity cost: the cost of the explicit and implicit resources that are forgone when a decision is made Present value: the amount that would have to be invested today at the prevailing interest
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