CHAPTER 10

Economics and Financial Management

Yet no matter how highly we may value them, art and culture are produced by individuals and institutions working within the general economy, and therefore cannot escape the constraints of the material world.

James Heilbrun and Charles M. Gray, The Economics of Art and Culture

KEY WORDS

Productivity

Inflation

Market and Market Failure

Multiplier effect

TFC, TVC, AFC, AVC, TC, VC, FC

Law of diminishing returns

Economies of Scale

Law of demand

Demand determinants

Law of supply

Supply determinants

Elasticity, Demand elasticity, Supply elasticity

Scaling the house

Income effect

CFO

FMIS

FASB, GAAP

Cash-Based accounting

Accrual-Based accounting

Unrestricted net assets, Temporarily restricted net assets, ...

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