ECON 1000 Chapter Notes - Chapter 10: Root Mean Square, Opportunity Cost, Job Satisfaction
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ECON 1000 Full Course Notes
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The 2 million rms in canada di er in size and in the scope of what they do, they all perform the same basic economic functions. Each rm is an institution that hires factors of production and organizes those factors to produce and sell goods and services. To do so, we need to know a rm"s goal and the constraints it faces. When economists ask entrepreneurs what they are trying to achieve, they get many di erent answers. Some talk about making a high-quality product, others about business growth, others about market share, other about the job satisfaction of their work-force, and an increasing number today about social and environmental responsibility. Rms, but they are not the fundamental goal: they are the means to that goal. eliminated or taken over by a grim that does seek that goal. A r, that does not seek to maximize pro t is either.
