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The Economic Objectives of Individuals, Firms and Governments

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A Levels Economics (Unit 1, 1 The Economic problem) Mind Map on The Economic Objectives of Individuals, Firms and Governments, created by beth2384 on 26/10/2013.
beth2384
Mind Map by beth2384, updated more than 1 year ago
beth2384
Created by beth2384 over 10 years ago
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The Economic Objectives of Individuals, Firms and Governments
  1. PROFIT= REVENUE-COST
    1. INDIVIDUALS
      1. want to maximise UTILITY (satisfaction)
      2. FIRMS
        1. want to maximise PROFIT
        2. GOVERNMENTS
          1. want to maximise PRODUCTION
            1. in order to create WEALTH
            2. may also want to maximise EQUITY (fairness)
              1. through the DISTRIBUTION OF WEALTH
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