This document discusses key concepts related to organizing production within a firm. It covers the economic problem faced by firms in maximizing profits, the role of technology and efficiency, how information and different organizational structures impact firms, and different market structures including perfect competition, monopolistic competition, oligopoly, and monopoly. Transaction costs, economies of scale, and coordination of economic activity are reasons why firms may be more efficient than markets.
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econ 1000 study guide chapter 9 first year microeconomics
This document discusses key concepts related to organizing production within a firm. It covers the economic problem faced by firms in maximizing profits, the role of technology and efficiency, how information and different organizational structures impact firms, and different market structures including perfect competition, monopolistic competition, oligopoly, and monopoly. Transaction costs, economies of scale, and coordination of economic activity are reasons why firms may be more efficient than markets.
This document discusses key concepts related to organizing production within a firm. It covers the economic problem faced by firms in maximizing profits, the role of technology and efficiency, how information and different organizational structures impact firms, and different market structures including perfect competition, monopolistic competition, oligopoly, and monopoly. Transaction costs, economies of scale, and coordination of economic activity are reasons why firms may be more efficient than markets.