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Why do most firms employ a combination of departmentalization bases?
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Firms will employ an input up to the point where?
The input's price equals its marginal revenue product
When relationship between the wage and the quantity of labor that all firms are willing to employ is called?
the individual labor supply
Why is demand for labor curve downward sloping?
I believe in economics we assume that firms are rational and because of this a rational firm would not employ additional labor if it caused a decline in the total output of the firm.
How the circular flow model works?
house holds work and spend firms - provide goods and employ also some spply other firms government - provide goods and services but transfer payments eg taxes and pensions Banks - take savings and lend for spendings - Interconnected economy - Money is Vital - Banks and government allow complex economy MO!!
Are profitable firms necessarily efficient firms?
yes
How many percent of all US firms employ 100 or fewer workers?
25%
Firms will employ an input up to the point where?
The input's price equals its marginal revenue product
When relationship between the wage and the quantity of labor that all firms are willing to employ is called?
the individual labor supply
What happens when wages are set above the equilibrium level by law?
Firms employ fewer workers than they would at the equilibrium wage.
Who is Edward Jones and why is he significant?
Edward Jones was an investment banker. He started a chain of investment firms that offer many products from 401k to insurance. These firms also employ many people and created jobs for many people.
How many are employed in the wrecking and demolition industry?
roughly 1,000 firms operate in this industry. These companies employ nearly 19,000 workers and secure more than $3.5 billion in sales. Many of these firms are small, family-owned companies
Where do most of the people in the securities field work?
brokerage firms employ the majority of the workers in this industry. Headquarters for these firms are located in New York City, where most of the executives and support personnel work. Mutual fund management companies and regional brokerages
What are the biggest CPA firms in the US now?
Deloitte, Ernst & Young, PriceWaterhouseCoopers and KPMG are together known as the "Big 4" accounting firms. Together, they employ nearly half a million people worldwide and have a combined revenue of over $100 billion annually.
What does a commercial law firm actually do?
Commercial law firms represent the legal obligations of it's clients. Some firms may specialize in a part of the law fore example tax law, others will employ multiple lawyers to practice in all areas of the law.
Why is cost an important factor in market economies?
the least-cost production method will have to be used. If any other method were used, firms would be sacrificing potential profit. Any firm that fails to employ the least-cost technique will find that other firms can undercut its price.
What is acquisitive intrapreneurship?
The companies here look out for individual with intrepreneurship in other firms; employ them to benefit from their creativity. They can acquire them through mergers, takeovers, join ventures, and buy-outs
Why is demand for labor curve downward sloping?
I believe in economics we assume that firms are rational and because of this a rational firm would not employ additional labor if it caused a decline in the total output of the firm.
