TOPIC 4: Introduction to the Theory of the Firm
Required Readings:
- Johan Norberg, “Entrepreneurs are the Heroes of the World” (in Readings)
- The Wall Street Journal
STUDY QUESTIONS FOR TOPIC 4:
- What is business (broadly defined to include non-profit organizations, e.g. the Red Cross, the Salvation Army, etc.)?
- What role do business organizations play in society?
- What is production?
- What are the objectives of organizations in society? How do they contribute to the social good?
