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CHAPTER 22
THEORY OF THE FIRM
1. Key terms – matching and translation.
Read aloud the key term and its definition so that they make up a single sentence. (Remember about the agreement between the subject and the predicate!). Translate the sentences you have arrived at from English into Russian.
Set 1
| 1.Economies of scale | a)The legal obligations to pay for debts or damages are not limited to the assets of the business. |
| 2.Principal/agent problem | b)Occurs only when a firm's revenue exceeds all costs of production; both implicit and explicit. |
| 3.Sole proprietorship | c)A source of the principal/agent problem; corporate managers may seek maximum power or pay for themselves rather than maximum profits for the stockholders. |
| 4.Partnership | d)Occurs when a firm’s revenue exceeds only its explicit costs. |
| 5.Corporation | e)A firm owned and operated by a single individual. |
| 6.Unlimited liability | f)Occur when average costs decline in the long run as a firm expands its productive capacity. |
| 7.Limited liability | g)Arises when the representatives pursue personal goals that conflict with the principal's contractual rights. |
| 8.Accounting profits | h)Firms sanctioned by state laws and are considered legal persons separate and distinct from their owners. |
| 9.Economic profits | i)Extensions of proprietorships; two or more people combine their resources to form a business. |
| 10.Separation of ownership and control | j)The legal obligations to pay for debts or damages are limited to the assets of the business; the owners’ personal wealth is not in jeopardy. |
Set 2
| 1.Financial intermediaries | a)That period of time in which some inputs of production are variable but at least one is fixed. |
| 2.Economies of Scope | b)Shares of ownership in a corporation. |
| 3.Long run | c)Individuals or firms that channel people’s saving to investors in economic capital. |
| 4.Short run | d)Assets for their holders but liabilities for the corporation that issues them; holders of these are creditors for the corporation. |
| 5.Production | e)The opportunity costs of resources the firm’s owner makes available with no direct cash outlays. |
| 6.Conglomerates | f)Those costs that are paid, out of pocket, for the factors of production now owned by the firm. |
| 7.Implicit costs | g)Occur when lower costs are realized by producing or distributing multiple products. |
| 8.Explicit costs | h)That period of time in which all inputs are variable; none or fixed. |
| 9.Common stock | i)Occurs when inputs are transformed into outputs which are more valuable in form, place, possession, or time and involves using knowledge to apply energy to transform materials. |
| 10.Corporate bond | j)Large, multiproduct firms which often operate plants in several different industries. |
Text translation.
Translate the text from English into Russian in writing paying particular attention to the translation of the economic terms in bold as well as words and phrases relevant to the subject of the text. Read out your translation in class andintroduce the necessary corrections.
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