Risk, Uncertainty and Profit

actual alternatives amount assume assumption capital capitalization rate chapter character classical economic commodity connection consume consumption contract cost course curve decisions degree depends diminishing diminishing returns discussion distribution ditions duction ductive effect element enterprise entrepreneur equal equilibrium estimate exchange fact factors freedom of contract function fundamental future human important income increase individual industry interest investment involved J. S. Mill judgment justment knowledge labor large number law of large less limited loss matter means ment merely method monopoly moral hazard nature nomic operations organization owner ownership perfect competition persons possible practical present principle probability problem productive agencies productive services profit progress proportion question ratio relation result risk secure sense separate situation social society sort static sumption supply tendency theoretical things timate tion uncertainty utility wages wants wealth