funbus

is an entity that employs resources, or
factors of production, to produce goods and services to be
sold to consumers, other firms, or the government.

(a)  

the process in which individuals perform tasks, such
as producing certain quantities of goods, based on changes in market forces
such as supply, demand, and price

the process in which managers direct employees
to perform certain tasks.

occurs when workers put forth less than the agreed-to
effort.

(a)  

plays an important role in the firm.
The monitor reduces the amount of shirking by firing shirkers
and rewarding productive members.

is a person who shares in the profits
of a business firm.

cost incurred when an actual (Monetary)
payment is made, such as payment for resources bought and
rented

cost that represents the value of resources
used in production for which no actual (monetary) payment
is made, such as opportunity costs

the difference
between total revenue and explicit costs

the difference between
total revenue and total cost (both explicit
and implicit)