Abstract
In a modern economy there are a variety of different enterprises, varying in size from the single entrepreneur to the multinational corporation, in activities, methods of finance, forms of organisation, etc. However, all these enterprises have one basic aim — to utilise resources to best achieve the firm’s objectives. The word ‘firm’ is used in a general sense to encompass the decision-making unit engaged in the transformation of inputs into outputs.
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Further reading
W. J. Baumol, ‘What Can Economic Theory Contribute to Managerial Economics?’, American Economic Review, 51 (May 1961) pp. 142–6.
Bryan Carsberg, Economics of Business Decisions(Harmondsworth: Penguin Books, 1975) chap. 3.
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© 1979 Julian Gough and Stephen Hill
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Gough, J., Hill, S. (1979). Business Decisions. In: Fundamentals of Managerial Economics. Palgrave, London. https://doi.org/10.1007/978-1-349-16225-3_1
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DOI: https://doi.org/10.1007/978-1-349-16225-3_1
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