UNIT 2-Lesson 11-- Production, Firms, and the Market
Goals: You will understand
- Production choices and issues and how they are influenced by firms’ quest for profit. How much to produce of a product and the best way to do it.
- Explain the importance of the role profit plays in production decisions.
- Understand the nature and importance of productivity and efficiency
- Understand the theory of the firm and the relationship between costs, revenues, and profit when firms make production decisions.
Success criteria:
you will be able to understand What is a firm is and the production choices and production issues faced by a firm,
Economists view profit differently from accountants, do you agree?
Thinking like an Economist- You can work in a group
Calculate the cost of production alternatives -Page 151 of your text book
Students to complete this after you've finished all activities/tasks in today's lesson.