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8 Cards in this Set

  • Front
  • Back
neoclassical theory of the firm
size of the firm is determined by economies of scale
costs of using the market
determine what you're buying, determine the price
costs of internal organization
administrative burden, misallocation of resources
contract
market transaction
3 costs to using contracts
degree of uncertainty
frequency of transactions
extent of asset specificity
opportunism
self interest seeking with guile
trilateral governance
buyer, seller, and arbitrator- used with specific assets and occasional dealing
ownership integration
transactions within the firm- used with specialized assets and frequent dealing