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Individuals and Institutions in the Economy

In: Principles of Management

Author

Listed:
  • Peter Eichhorn

    (OPINIO Forschungsinstitut)

  • Ian Towers

    (SRH Hochschule Berlin)

Abstract

The chapter develops a typology of economic agents to aid analysis. Various classifications are discussed, such as primary, secondary and tertiary sectors, public and private, and type of good Goods types . Four basic types of economic agent are identified: householdsHouseholds , firms, associations and administrations. The point is made that there are sometimes grey areas so examples of economic entities are provided which exhibit characteristics of more than one type. There is a discussion of the features of each type, its sources of finance and revenue Revenues , tasks and goals, as well as legal aspects. Special attention is paid to households, associations and administrations as these are rarely covered in the literature on business administration despite the fact that the principles of economic efficiencyEconomic efficiency and effectiveness are as relevant for them as for firms.

Suggested Citation

  • Peter Eichhorn & Ian Towers, 2018. "Individuals and Institutions in the Economy," Springer Texts in Business and Economics, in: Principles of Management, chapter 3, pages 63-91, Springer.
    • Handle: RePEc:spr:sptchp:978-3-319-70902-4_3
    DOI: 10.1007/978-3-319-70902-4_3
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