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

A nonprofit’s manager needs to ask: What comes first, the mission and programs designed to accomplish the mission or the cash to finance the program? Actually, it is useful to realize that aspirations and financial resources intertwine as management works to coordinate the two.

Jody Blazek, Nonprofit Financial Planning Made Easy

Key Words & Concepts

Productivity

Inflation

Market and market failure

Multiplier effect

TFC, TVC, AFC, AVC, ...

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