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10 cards from this deck
Profit maximisation
extProfit=extTotalRevenue−extTotalCosts ext{Profit} = ext{Total Revenue} - ext{Total Costs}extProfit=extTotalRevenue−extTotalCosts
Process by which business seeks to maximise profit
Serve shareholder interests
Managers' interests diverge from shareholders' interests
Expanding firm's assets over immediate profitability
Pursuing satisfactory level in all goals, not maximising one
Increasing sales volume/market share
Prevents government intervention
extOutputsoldimesextPrice ext{Output sold} imes ext{Price}extOutputsoldimesextPrice
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