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SALES MAXIMIZATION: The notion that business firms (especially those operating in the real world) are primarily motivated by the desire to achieve the greatest possible level of sales, rather than profit maximization. On a day-to-day basis, most real world firms probably do try to maximize sales rather than profit. For firms operating in relatively competitive markets, facing relative fixed prices, and relatively constant average cost, then increasing sales is bound to increase profits, too. Moreover, according to the notion of natural selection, even firms that seek to maximize sales, those that also maximize profit will remain in business.
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TOTAL FACTOR COST CURVE A curve that graphically represents the relation between total factor cost incurred by a firm when using a given factor of production to produce a good or service. The total factor cost curve is most important in factor market analysis for the derivation of the marginal factor cost curve. Two related factor cost curves are average factor cost curve and marginal factor cost curve.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at an auction trying to buy either a green and yellow striped sweater vest or a Boston Red Sox baseball cap. Be on the lookout for attractive cable television service repair people.
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This isn't me! What am I?
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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"How we spend our days is, of course, how we spend our lives. " -- Annie Dillard, essayist
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WIPO
World Intellectual Property Organization
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