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WEIGHT LOSING: An activity in which the transportation cost of the inputs is greater than the transportation cost of the output. Using the term weight to mean transportation cost, an activity is said to lose weight if the cost of getting the inputs to the factory is greater than the cost of moving the output to the market. A weight-losing activity has a greater attraction to, and tends to locate near, the source for the inputs.
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FIRM OBJECTIVES The standard economic assumption underlying the analysis of firms is profit maximization. Real world firms, however, might not, and many times do not, make decisions based on the profit-maximization objective, or at least exclusively on the profit-maximization objective. Other objectives include: (1) sales maximization, (2) pursuit of personal welfare, and (3) pursuit of social welfare.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet trying to buy either a set of serrated steak knives, with durable plastic handles or a pair of blue silicon oven mitts. Be on the lookout for fairy dust that tastes like salt.
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"People of mediocre ability sometimes achieve outstanding success because they don't know when to quit. " -- George Allen, U.S. senator
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BN
Bank Note
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